Some popular deductions for fringes are also scrapped or limited. The write-off that employers take for the cost of transportation-related fringe benefits, such as parking, mass transit passes and even bicycle commuting, is disallowed. Employees can still use pretax money for parking and transit passes, but not biking. Meals in on-premises dining facilities such as cafeterias are subject to a 50% bite through 2025…the deduction is fully axed in later years. The rehab credit is revised. Firms that provide paid family or medical leave to workers get a new credit generally equal to 12.5% of the amount of wages paid during the period of leave. The credit is increased for employers that pay workers over half their normal wages while on leave. Note that there are lots of other rules and limitations to comply with. There’s a catch. The credit is temporary…applying only for 2018 and 2019. The law includes a revenue-raising provision on U.S. multinationals: A one-time low tax on previously untaxed accumulated overseas earnings. The rate is 15.5% on foreign cash and liquid assets and 8% on other reinvested profits. There are many more tightenings for certain businesses…insurers, banks, etc. And easings for others…S corporations, farmers, craft brewers and more.