Although the current 2017 maximum corporate tax rate is 35 percent, many corporations now pay an effective tax rate that is considerably less. However, H.R. 1 calls for a 21- percent corporate tax rate beginning in 2018, and the new law makes the new rate permanent. Under the new law, the 80-percent and 70-percent dividends received deductions under current law are reduced to 65-percent and 50-percent, respectively. It also repeals the AMT on corporations.
Morrison Foerster will discuss the prior law, current law, and focus on the following areas:
- New 21% corporate tax rate
- 100% expensing
- Changes to dividends received deduction
- Interest expense deduction limitations
- Special treatment of real estate businesses
- GAAP before Tax income acceleration
- Modifications to NOL rules
- Unlimited carryovers
- Elimination of carrybacks
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