A poll of more than 1,000 business leaders shows that more than half think that the US Congress will not pass significant business tax reforms until 2018.

Although many have predicted that corporate tax reform could happen quickly under the US's new Trump administration, a recent poll suggests that there won't be significant fiscal change for another 12 or even 24 months. Fifty-three per cent of the tax, finance and other business professionals surveyed said they don't expect the current US administration to implement corporate tax reform until next year, with 11 per cent saying it's more likely to be 2019. Only 16 per cent said they expect the reforms by the end of this year, according to a poll by KPMG conducted on 2 March 2017. The results pour cold water on predictions by Congress that they will pass tax reforms by this summer.

The graph below shows the poll's findings:

KPMG's Jeffrey LeSage said: “While many factors could affect the timing and eventual content of the tax reform proposal, the legislative process clearly needs to be a key area of focus for business leaders.”

The poll also asked participants which of the proposals in the current House Republican tax plan would have the greatest anticipated impact on their business. Four out of 10 – 41 per cent – said the proposal’s new reduced corporate tax rate structure would have the greatest impact. From an industry perspective, respondents from the retail and industrial manufacturing sectors selected the hotly-debated border adjustment proposal as likely having the greatest impact on their organizations, at 38 per cent and 37 per cent, respectively.

Despite the poll's suggestion that tax reform is not imminent, KPMG's John Gimigliano said: “Developments on the tax reform front could evolve quickly. That’s why business leaders need to stay engaged, consider how the House GOP Blueprint may affect them, and be ready to respond quickly as tax reform advances through the legislative process.”