On December 22, President Trump signed into law the “Tax Cuts and Jobs Act” (P.L. 115-97), a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. There were four main changes specifically for tax-exempt entities including excise tax on excessive compensation, excise tax on private college’s investment income, UBTI computation, and UBTI for disallowed fringe benefit costs. This comparison describes those four changes and a number of the Act’s other changes that could affect tax-exempt organizations.