US tax reform: Industry effects
Tax reform is likely to spur growth, investment and transactions across all segments of the oil & gas industry.
The bill aims to foster domestic energy development and production by encouraging the energy sector to invest significantly in the United States.
The legislation includes many provisions that directly and indirectly affect the oil and gas sector.
The law should have a major effect on all domestic and multi-national mining and metals companies with operations within the United States.
The scope of the new US tax legislation will have far reaching impact on financial services companies.
All of the insurance-specific provisions in the final bill were scored as revenue raisers.
US tax reform will have particular impact on the Life Sciences sector.
Media and entertainment
Several provisions — from the taxation of foreign earnings to the loss of certain deductions — will have important implications for the media and entertainment industry.
Because these provisions generally apply to tax years beginning after December 31, 2017, RIC complexes should determine the impact of the new legislation as quickly as possible.
Retail and consumer products
Several provisions will affect taxpayers in the retail and consumer products industry.
The Act includes a number of business and international provisions that affect inbound and outbound telecommunications companies.
Numerous provisions in the new law may impact inbound (foreign owned) and outbound (US) technology companies.