The Tax Cut and Jobs Act of 2017 reduced the US corporate tax rate from a maximum 35% to a flat rate of 21%. As a result, companies were required to "revalue" their deferred tax assets and liabilities to reflect the new tax rates. In general, a firm with a substantial pool of US Federal NOL Carryforwards reported in the deferred tax asset section (the DTA for NOLs) experienced a: O No impact on deferred tax assets or liabilities because the cash tax value of an NOL carryforward does not depend on the statutory tax rate o Reduction in the book value of the DTA for NOLs with the offset an increase in tax expense o Increase in market value reflecting the reduced value of the NOL tax shields o Increase the book value of the DTA for NOLs with the offset a decrease in tax expense