On December 20, 2017, both the House and the Senate passed H.R. 1 (the “Bill”), which President Trump is expected to sign by January 3, 2018. The Bill dramatically alters the U.S. approach to domestic and international taxation. It represents the results of a conference agreement between the House and Senate reconciling the version passed by the House on November 16, 2017, and the version passed by the Senate on December 2. For most provisions, the final legislation follows the approach of either the House or Senate version of the Bill, but in some places the Bill adds something new.

The following is a brief summary of the key provisions in the Bill in the individual, business, and international spaces.