Updated announcement as of December 20, 2017: Tax Cuts and Jobs Act ("The Act") – Business

On December 20, the House approved H.R. 1, the "Tax Cuts and Jobs Act," the sweeping tax reform measure, by a vote of 224 to 201. The Senate had passed the measure, as revised to address some procedural complications, the night before, and the bill has since made its way to President Trump for his expected signature. This article describes key business tax changes that are made under the Act, including a reduction in the corporate tax rate to a flat 21% rate; an increase in expensing to $1 million; a temporary 100% first year qualifying business asset deduction; a 5-year write-off period for R&D expenses; a limitation on the deduction for business interest, and elimination of the domestic production activities deduction. The following is a summary of some of the implications to business taxpayers: