On December 22, 2017, President Donald Trump signed into legislation the Tax Cuts and Jobs Act. Of importance, the bill repealed and/or limited many deductions for individuals, such as implementing a $10,000 cap on deductions for state and local taxes, which includes property tax. This cap, however, does not apply to state and local taxes paid while carrying on a real estate trade or business. The change has led to a spell of homeowners hurrying to prepay their property taxes in order to take the deduction when filing their taxes in April of 2018. Outside of the many changes which will affect individuals at a personal level, there are also many changes, as well as preservations, which will affect the commercial real estate industry.