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Update: Final GOP tax bill cuts corporate rate to 21%

A U.S. House-Senate conference committee released a summary of the final Republican tax bill which will lower the corporate rate to 21% from 35%.

The bill would also allow immediate write-offs for new equipment and would repeal the corporate alternative minimum tax.

In addition, the measure provides for a 20% deduction on the first $315,000 of income earned by S corporations, partnerships, LLCs or sole proprietorships. Above that level, taxpayers can deduct 20% of business profits, which the committee says will reduce their effective tax rate to no more than 29.6%.

For multinational corporations, the bill would also abolish the "worldwide" tax system and encourage U.S. businesses to "bring home foreign earnings," but the summary includes no details on those provisions.

On the individual side, the highest individual tax rate is set at 37% rather than the 39.6% in current law.

Votes in both houses of Congress are expected during the week of Dec. 18.

More details to follow.