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On 15 December, a House and Senate conference committee reached agreement on a final version of tax reform legislation, the ‘Tax Cuts and Jobs Act,’ that would lower business and individual tax rates, modernise US international tax rules, and provide the most significant overhaul of the US tax code in more than 30 years.

Now that the conference report is available, what are the surprises? Rohit Kumar, PwC's Tax Policy Leader, takes a look at the language that is likely to become law this year. More detail can be found in the attached PwC Tax Insights newsalert.