President Trump signed the Bipartisan Budget Act of 2018, HR 1892, on February 9, 2018. The Act contains several tax provisions. Many are targeted to special situations (e.g., the excise tax on investment income of private universities is narrowed to only apply to universities with at least 500 tuition paying students, thus exempting small universities, there are special breaks for owners of race horses, NASCAR and film & television production).
See discussion of tax provisions of the Act at the following links:
- Legislation and history.
- Sally P. Schreiber, Bipartisan Budget Act contains several tax provisions, Journal of Accountancy.
- Alexander Bolton, Budget deal is brimming with special tax breaks, The Hill.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.