Early Friday morning, the Bipartisan Budget Act of 2018, H.R.1892, passed the Senate by a vote of 71–28 and the House of Representatives, 240–186. President Donald Trump signed the bill later in the day.

The 640-page legislation contains many tax provisions, with Congress retroactively extending a number of tax provisions for one year so they were effective for 2017 only.

The IRS on Thursday issued new income tax withholding tables that reflect new tax rates and other changes for individuals implemented by P.L. 115-97, known as the Tax Cuts and Jobs Act, enacted Dec. 22 (Notice 1036). Employers should use the updated withholding rules for 2018, putting them into effect as soon as possible but no later than Feb. 15, the IRS said. Until then, employers should continue to use the 2017 withholding tables.

President Donald Trump on Friday signed into law H.R. 1, known as the Tax Cuts and Jobs Act, which makes widespread changes to the Internal Revenue Code. Almost all of its provisions, including a lower corporate tax rate of 21% and lower individual income tax rates, go into effect Jan. 1.

The House of Representatives passed H.R. 1, known as the Tax Cuts and Jobs Act, a second time on Wednesday, by a vote of 224–201, after procedural objections were raised about the version of the bill the House passed Tuesday afternoon. The bill will now go to President Donald Trump for his signature. The president is expected to sign the bill, but the White House has not announced when he will sign.

The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday. However, the version of the bill passed by the Senate differs slightly from the House bill, so the House will have to re-vote to pass the bill as amended.

The Senate vote on the bill was 51–48, split along party lines, with Sen. John McCain, R-Ariz., not voting.