Key Changes for Individuals:
The new tax law changes will not affect the 2017 personal income tax return filings. The new laws go in effect for the 2018 personal income tax return filings.
For individuals, there are still seven tax brackets but the rates have changed. The new rates for the brackets are: 10%, 12%, 22%, 24%, 32%, 35% and 37%. The following table compares the individual tax rates applicable for 2017 and prior (“Current Law”) to the individual tax rates under the new law (“Conference Agreement”):