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Tax Reform

Landmark tax reform legislation that was signed into law Dec. 22, 2017, is already spurring job creation and economic growth. As soon as the bill was enacted, banks of all sizes began announcing ways they will put their tax savings to work for their employees, customers and communities, including increased wages and expanded philanthropic efforts, as ABA has documented at aba.com/EnergizingTheEconomy.

The new law has also prompted a host of tax and regulatory accounting questions for banks and their regulators. ABA staff will continue to work with members to help them navigate these changes.

ABA Position

​ABA was a strong proponent of comprehensive tax reform and supported the final bill, which was largely aligned with ABA’s core principles for tax reform. The association’s tax and accounting experts are now working with the Financial Accounting Standards Board and regulators to encourage a practical approach to accounting, regulatory capital and other issues that may arise from this one-time accounting event. ABA also is providing resources to help banks understand and adapt to the new tax landscape.

 

 Newsbytes

 
 

 Comment Letters

 
 

 Letters to Congress/Regulators

 
 

 Featured Resources

 

​Questions? Please contact John Kinsella for more information.