Corporate Tax


The House version of the Tax Cuts and Jobs Act would substantially reduce the corporate tax rate from a current maximum of 35% to a flat rate of 20% (25% for personal service corporations). The Senate bill would impose a single flat rate of 20%, but not immediately—it would take effect for tax years beginning in 2019. Both bills would make other significant changes, such as to the rules on expensing and the deductibility of interest. Follow our news feed below to keep track of recent developments.