Tax Reform: Dealer Highlights

President Donald Trump signed H.R. 1, known as the Tax Cuts and Jobs Act, on Dec. 22, 2017. The following is a summary of the key provisions of the bill that could have the most impact on dealerships and their owners. Most provisions are applicable starting in 2018 (for calendar year taxpayers), unless otherwise noted. (Because of varying effective dates, some new provisions – for example, interest expense limitation – will not apply to fiscal years ending in 2018 but will apply to fiscal years ending in 2019 and later.)