Late last year, Congress enacted the Tax Cuts and Jobs Act (“the Act”), making significant changes to the Internal Revenue Code. The centerpiece of the Act was the lowering of the corporate income tax rate from 35 percent to 21 percent. However, the rate reduction was not the only mechanism that Congress placed into the Act to bolster the economy. The Act includes several other provisions to incentivize growth and investment in the economy, including provisions that will provide significant benefits to taxpayers in infrastructure and regulated industries. This article will discuss some of the pertinent changes that will impact businesses in these industries and how these changes might affect opportunities for growth and expansion.
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- Infrastructure and Regulated Industries Section