Passage of the Tax Cuts and Jobs Act (H.R. 1), which limits the tax deductions that businesses can claim for certain employee benefits, is likely to cause some employers to revisit their offerings.
On Dec. 19, both the House and Senate passed the Tax Cuts and Jobs Act along party line votes. The House took a final vote on the measure on Dec. 20, due to slight changes in the version the Senate passed. President Donald Trump said he will sign the measure into law.
Here is a provision-by-provision explanation of the legislation, released by the joint congressional committee that reconciled different tax bills passed earlier by the House and Senate.
