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Illinois EDGE Credit

Summary The Illinois Economic Development for a Growing Economy Tax Credit Program (“EDGE”) has been reinstated and revised as of September 18, 2017 pursuant to House Bill 162. The EDGE program is the centerpiece and primary business development incentive that the State of Illinois uses to attract new businesses and retain current Illinois employers. Program …

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Inbound Real Estate Investors Under the 2017 ” Tax Cuts and Jobs Act”

Article Prepared by FGMK Tax Partner Fuad Saba The Tax Cuts and Jobs Act of 2017 (the Act) represents the largest change to the Internal Revenue Code (the Code) of the United States since the Tax Reform Act of 1986.  Non-US investors in US real estate (often called “inbound” real estate investors) will be affected …

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An Overview of the International Tax Provisions of the Tax Cuts and Job Act of 2017

Article Prepared by FGMK Tax Partner Fuad Saba The Tax Cuts and Jobs Act of 2017 (the Act) constitutes the most significant revision of the Internal Revenue Code (the Code) since the Tax Reform Act of 1986, and reforms U.S. international tax rules by transitioning taxpayers to a “territorial tax system,” adding a “toll charge” …

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An Overview of the “Tax Cuts and Jobs Act of 2017”

INDIVIDUAL TAXATION The Act simplifies the Internal Revenue Code (the “Code”) for individuals by consolidating various exemptions and deductions into a larger Standard Deduction.  The Act does not make changes with respect to the maximum rate for capital gains and qualified dividends.  The Act lowers overall income tax rates but does not reduce the number …