How the 2017 Tax Reform Act Affects Business February 19, 2018 Kerry How the 2017 Tax Reform Act Affects Business The tax reform bill that Congress passed in late 2017 contains numerous changes that will affect businesses large and small. The Tax Cuts and Jobs Act, H.R. 1, will make sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnings.