President Trump on December 20, 2019, signed into law H.R. 1865 (“The Further Consolidated Appropriations Act, 2020”), a government funding bill that includes significant tax provisions addressing:
According to the Joint Committee on Taxation (JCT), the revenue provisions of H.R. 1865 would lose approximately $426 billion (net) over a 10-year period.
The new law includes some substantive changes to TCJA provisions. However, it does not address errors made in drafting the TCJA (i.e., TJCA technical corrections). Thus, for example, it does not correct errors made in drafting provisions relating to the depreciation of qualified improvement property, the effective date of net operating loss deduction changes, or the deduction of legal fees in connection with sexual misconduct.
Read a December 2019 report [PDF 987 KB] (13 pages) prepared by KPMG LLP providing more information, as well as preliminary analysis and observations, regarding some of the key tax provisions in the new law.
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