<Li> Reported by the joint conference committee on December 15, 2017; agreed to by the Senate on December 20, 2017 (51--48) and by the House of Representatives on December 19, 2017 and December 20, 2017 (227--203 224--201) </Li> <Li> Signed into law by President Donald Trump on December 22, 2017 </Li> <P> Public law no . 115 - 97, an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, is a congressional revenue act originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA). Public law no . 115 - 97 ("the Act") amended the Internal Revenue Code of 1986 based on tax reform advocated by congressional Republicans and the Trump administration . Major elements include reducing tax rates for businesses and individuals; a personal tax simplification by increasing the standard deduction and family tax credits, but eliminating personal exemptions and making it less beneficial to itemize deductions; limiting deductions for state and local income taxes (SALT) and property taxes; further limiting the mortgage interest deduction; reducing the alternative minimum tax for individuals and eliminating it for corporations; reducing the number of estates impacted by the estate tax; and repealing the individual mandate of the Affordable Care Act (ACA). </P> <P> The nonpartisan Congressional Budget Office (CBO) reported that under the Act individuals and pass - through entities like partnerships and S corporations would receive about $1,125 billion in net benefits (i.e. net tax cuts offset by reduced healthcare subsidies) over 10 years, while corporations would receive around $320 billion in benefits . The individual and pass - through tax cuts fade over time and become net tax increases starting in 2027 while the corporate tax cuts are permanent . This enabled the Senate to pass the bill with only 51 votes, without the need to defeat a filibuster, under the budget reconciliation process . </P>

Synopsis of the tax cuts and jobs act
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