On December 22, 2017, H. R. 1, the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act significantly revises many aspects of U.S. federal income tax law applicable to businesses conducted in corporate and partnership form, and will also affect the U.S. federal income tax treatment of many individuals. Notably, the Act will significantly impact real estate investors, sponsors and developers, and there are a number of special provisions applicable to REITs and REIT investors. Below is a brief summary of some of the Act's provisions that are expected to have the greatest effect on the real estate industry. For a more detailed summary of the Act's provisions, see our memorandum entitled “A Look at the New Tax Law and How It Impacts Your Business and Investments” (the “Tax Memorandum”). It should be noted, however, that the full impact of these far reaching provisions will, in many cases, only be known as implementing rules and market practices develop.