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Too Soon to Say Goodbye? Sunset of Tax Cuts and Jobs Act Provisions: What’s Next?

March 12, 2024 (3 min read)

When enacted in 2017, the Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the Internal Revenue Code since the Tax Reform Act of 1986. Without Congressional action to extend them, many of the TCJA changes, which were only temporary, will sunset at the end of 2025. This will have broad impacts on tax practitioners and their clients.

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  • Tax Cuts and Jobs Act of 2017
    Review the impacts of the Tax Cuts and Jobs Act. On the corporate side, the TCJA reduced the corporate tax rate from 35% to 21%. It allowed 100% bonus depreciation dropping to 80% in 2023 and 60% in 2024) on qualified property. On the individual side, rates and taxable income ranges were adjusted, and the top rate reduced from 39.6% to 37%; the personal exemption was eliminated, the standard deduction rose, and the $1 million limit on home mortgage indebtedness (increasing the deduction of related mortgage interest) cut in favor of higher-earning individual taxpayers. But a $10,000 cap was imposed on the itemized deduction on most other taxes, like state income tax and real estate/property taxes.

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