What is the status of the Tax Cuts and Jobs Act of 2017 in relation to the Internal Revenue Code?

The Tax Cuts and Jobs Act (TCJA) of 2017 is significant legislation that revised various aspects of the Internal Revenue Code. When the TCJA was enacted, it introduced substantial changes to tax rates, deductions, and credits for both individuals and businesses. This comprehensive reform is indeed now part of the Internal Revenue Code, effectively integrating these new provisions into the existing legal framework governing taxation in the United States.

Incorporating the TCJA into the Internal Revenue Code means that its provisions are legally enforceable and govern tax liabilities going forward. The act is noteworthy not just for its broad scope, but also for the lasting impact it has on the tax landscape, which is why it has been categorized among the fundamental statutes in the Internal Revenue Code as opposed to being a temporary measure or limited in application. Thus, it is recognized as a major overhauling of tax law, directly influencing tax policy and administration moving forward.