Trump Signs Landmark Tax Reform Legislation into Law
Before heading out for the holidays, President Trump on Dec. 22 signed into law (H.R. 1/P.L. 115-97) the most significant overhaul of the federal tax code since the Tax Reform Act of 1986.
The $1.456 trillion net tax cut formerly known as the Tax Cuts and Jobs Act delivers major tax relief to corporations, pass-through entities and individual filers, while only making minor changes to the retirement tax system.
The House on Dec. 20 for the second time in two days approved the revised bill by a vote of 224-201, with all Democrats and 12 Republicans voting against the measure, while the Senate approved the legislation in the early morning hours of Dec. 20 by a vote of 51-48, also with no Democrats supporting the legislation.
White House staff had indicated that President Trump would sign the legislation after the start of the new year, but the President asked his staff prepare the bill for his signature before leaving town Dec. 22. Thus, Dec. 22 will serve as the date of enactment, on which many of the bill’s provisions took effect. In addition, many provisions will take effect at the start of the new year.