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Update on New Tax Legislation

Earlier this week, the House and Senate reconciled their tax bills and passed the Tax Cuts and Jobs Act (the “Bill”). Today, the President signed the Bill, officially making it law. The Bill features major changes in the tax rates and rules for individuals and businesses. In order to adhere to the Senate budget reconciliation rules, many of the tax provisions for individuals are temporary and will expire at the end of 2025 while most of the corporate tax provisions are permanent.