The ultimately unnamed tax bill (the “Act”) was signed into law on December 22, 2017.
While several of the more onerous provisions included in the original House Bill
(including significant changes to the taxation of nonqualified deferred compensation
and a poorly worded provision with respect to taxation of capital contributions to
corporations) were eliminated in the Act, there remain a number of provisions that
significantly impact the taxation of businesses and their owners.
Below is a brief highlight of the provisions of the Act most directly affecting domestic
businesses and their owners: