Final bill retains key aspects of House and Senate proposals with some surprise last-minute modifications.

Key Points:

..The bill adopts, with some modifications, earlier US House and Senate tax reform legislation.

..The bill clarifies key issues, including corporate and deemed repatriation rates, limits on deductions for interest expenses and net operating losses, and taxation of income earned by pass-through businesses.

..The bill is expected to be signed into law before the end of the year or early next year, with most provisions effective on January 1, 2018.