From our International Partner Shearman & Sterling

On December 19, 2017, the Senate passed the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “Bill”). The House of Representatives passed the Bill on December 20, 2017. This follows the release by the conference committee of the final legislative text on December 15, 2017. The Bill replaces the prior versions of H.R. 1 passed by the House of Representatives on November 16, 2017 and the Senate on December 2, 2017. President Trump is expected to sign the Bill into law and may do so on January 3, 2018. The Bill represents the most significant changes to the US tax code since 1986.