Ask your CPA. Not a CPA and this isn't tax advice, but based on what I understand about the change you'll probably not be impacted if you're contracting for clients and not creating the software for yourself. Your clients will be impacted by the amortization issue when it comes to deducting your consulting fees. I asked your question in reverse ("How would this change impact hiring contract developers?") and was told that was probably how it would work. But again, I am not a CPA and this isn't tax advice, so you should really ask a CPA. A CPA might not even be totally sure about how it works yet, as there seems to be a lot of confusion about the rule change.
Your client agreements may also have an impact on the answer (for example, does the client own the IP or do they license it from you?). So you really need to talk to a CPA!
Tax concerns aside, downstream effects may be an issue for you: If my understanding is correct, clients will no longer be able to immediately expense your fees, and will be required to amortize them over five years. I would expect that this will therefore likely result in less demand for software contracting services in the overall economy as businesses become aware of the change and reevaluate their build vs. buy decisions.
Your client agreements may also have an impact on the answer (for example, does the client own the IP or do they license it from you?). So you really need to talk to a CPA!
Tax concerns aside, downstream effects may be an issue for you: If my understanding is correct, clients will no longer be able to immediately expense your fees, and will be required to amortize them over five years. I would expect that this will therefore likely result in less demand for software contracting services in the overall economy as businesses become aware of the change and reevaluate their build vs. buy decisions.