December 09, 2020 Feature

XI. Tax

Martha Groves Pugh and Benjamin Haas

A. Introduction

In December 2017, Congress enacted the Tax Cuts and Jobs Act (“Act”), making significant changes to the Internal Revenue Code.1 In addition to lowering the corporate income tax rate from 35% to 21%, the Act also included many provisions that provide significant benefits to taxpayers in infrastructure and regulated industries. Since its enactment, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury (“U.S. Treasury”) have issued a number of regulations, proposed regulations, and guidance to clarify and help taxpayers apply the new code provisions.

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