Many business groups were handed a major policy victory Wednesday when the Republican-controlled Congress passed a tax overhaul package that will lead to tax cuts for many businesses and individuals.

The Tax Cuts and Jobs Act will lower the corporate tax rate from 35 to 21 percent while leaving most business tax breaks in place. It will also lower taxes for most individuals, although critics of the legislation note a majority of Americans will see no difference or pay more in taxes if the tax breaks for individuals are allowed to expire in 10 years.

Lowering the corporate tax rate has been a top priority for many of the nation's largest business groups. In a statement, U.S. Chamber of Commerce CEO Tom Donohue said "Congress achieved what many said was impossible."

"American businesses will become more competitive around the world," Donohue said. "The business community has long called for lower rates for all businesses, full and immediate expensing, and a territorial tax system because we know these elements are the pro-growth reforms our economy needs to thrive."

Not all associations and professional groups welcomed the legislation. The National Association of Realtors said while the final version of the legislation excluded provisions in earlier versions that would have harmed homeowners, it is "far from perfect."

"The new tax regime will fundamentally alter the benefits of homeownership by nullifying incentives for individuals and families while keeping those incentives in place for large institutional investors," NAR President Elizabeth Mendenhall said. "That should concern any middle-class family looking to claim their piece of the American Dream."

A sample of reactions:

"When this bill becomes law, manufacturers in America will be more competitive than they have been in decades. This is a win for the American economy, and it puts the world on notice: America is even better prepared to compete and win for every job and opportunity."
- Jay Timmons, CEO, National Association of Manufacturers

"Passage of tax reform is a major victory for retailers who currently pay the highest tax rate of any business sector, and for the millions of consumers they serve every single day."
- Matthew Shay, CEO, National Retail Federation

"Retailers have traditionally paid one of the highest effective corporate tax rates. A fairer and more competitive tax code will give retailers the ability to modernize stores, invest in their workforce and continue to transform the shopping experience for consumers.
- Sandy Kennedy, president, Retail Industry Leaders Association

"Tax reform will make our customers and the freight railroads more globally competitive, and we applaud Congress for passing this legislation. Key provisions, namely the reduction of the corporate tax rate and full and immediate expensing for five years, will help support private investment across the 140,000-mile rail network and the entire economy."
- Ed Hamberger, CEO, American Association of Railroads

"Among its many pro-community bank provisions, the legislation would carve out small-business borrowers from limits on the deduction for business interest expenses, preserve laws on non-qualified deferred compensation and mortgage-servicing assets, and largely maintain the mortgage interest deduction."
- Camden Fine, CEO, Independent Community Bankers of America

"The changes in this bill, particularly the reduction in business tax rates, will help grow the economy and create jobs, which will benefit all Americans. Thanks to this legislation, America's banks will get to expand their role as the lifeblood of the economy by increasing financial services, investing in new and more convenient technologies, and opening more doors of opportunity for their customers."
- Rob Nichols, CEO, American Bankers Association

"Credit unions said loudly and repeatedly throughout this process that any change to the credit union tax status amounts to a direct tax increase on 110 million Americans, and Congress heard our message. With tax reform complete, we're focused on much-needed regulatory relief for credit unions and American consumers."
- Jim Nussle, CEO, Credit Union National Association

"The U.S. oil and natural gas industry is a capital-intensive industry. We're pleased to see the final bill includes pro-growth measures that support the unique nature of our businesses, while allowing producers to continue investing billions of dollars back into American energy and the U.S. economy."
- Barry Russell, CEO, Independent Petroleum Association of America

"The passage of long overdue tax reform legislation will open the door to a more competitive America. U.S. businesses and workers, particularly those in the energy industry, are unrivaled in their grit and ingenuity, and they deserve a tax system that provides certainty, clarity and simplicity."
- Randall Luthi, president, National Ocean Industries Association

"By lowering the corporate tax rate, the legislation ensures a business environment that will encourage start-ups to invest in growth and large companies to bring new services and products to market. Importantly, it will foster business investment in essential communications networks, releasing the full potential of American innovation to create jobs and strengthen our economy."
- Cinnamon Rogers, SVP of government affairs, Telecommunications Industry Association

"This tax bill will inflict lasting damage to our health care system. Its reduction of deductions for state and local taxes, and ladling on of an additional $1 trillion in debt, will put severe pressure on publicly-sponsored health coverage programs such as Medicare and Medicaid in the future—and will trigger automatic cuts to Medicare in the short term, absent further action from Congress."
- Margaret Murray, CEO, Association for Community Affiliated Plans

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