Tax Cuts and Jobs Act
From ACT Wiki
The Tax Cuts and Jobs Act was signed into US law in December 2017.
It aims to encourage economic growth and bring back jobs and profits to the US from overseas by reducing US corporate income tax rates, creating a territorial tax system, allowing for immediate expensing of certain qualified property and providing other incentives.
The TCJA also includes various tax base broadening provisions, including the elimination of existing tax deductions and anti-tax base erosion provisions.
The formal name of the TCJA is H.R.1 - An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.