# Pub. L. 119-21: changes to the Internal Revenue Code 2025-07-04, 139 Stat. 158. Source: . ## Legislative history - Bill: [H.R. 1](https://www.congress.gov/bill/119th-congress/house-bill/1) - House report: [H. Rept. 119-106](https://www.govinfo.gov/content/pkg/CRPT-119hrpt106/html/CRPT-119hrpt106.htm) ## § 1: Tax imposed - § 1(j): Pub. L. 119–21, § 70101(a)(2), substituted “beginning after 2017” for “2018 through 2025” in heading. - § 1(j)(1): Pub. L. 119–21, § 70101(a)(1), struck out “, and before January 1, 2026” after “December 31, 2017” in introductory provisions. - § 1(j)(3)(B)(i): Pub. L. 119–21, § 70101(b), inserted “solely for purposes of determining the dollar amounts at which any rate bracket higher than 12 percent ends and at which any rate bracket higher than 22 percent begins,” before “subsection (f)(3)”. ## § 21: Expenses for household and dependent care services necessary for gainful employment - § 21(a)(2): Pub. L. 119–21 amended par. (2) generally. Prior to amendment, text read as follows: “For purposes of paragraph (1), the term ‘applicable percentage’ means 35 percent reduced (but not below 20 percent) by 1 percentage point for each $2,000 (or fraction thereof) by which the taxpayer’s adjusted gross income for the taxable year exceeds $15,000.” ## § 23: Adoption expenses - § 23(a)(4): Pub. L. 119–21, § 70402(a), added par. (4). - § 23(c)(1): Pub. L. 119–21, § 70402(c), which directed substitution of “portion of the credit allowable under subsection (a) which is allowed under this subpart” for “credit allowable under subsection (a)”, was executed by making the substitution both places appearing, to reflect the probable intent of Congress. - § 23(d)(3)(A): Pub. L. 119–21, § 70403(a)(1), inserted “or Indian tribal government” after “a State”. - § 23(d)(3)(B): Pub. L. 119–21, § 70403(a)(2), inserted “or Indian tribal government” after “such State”. - § 23(h): Pub. L. 119–21, § 70402(b), amended subsec. (h) generally. Prior to amendment, text read as follows: “In the case of a taxable year beginning after December 31, 2002, each of the dollar amounts in subsection (a)(3) and paragraphs (1) and (2)(A)(i) of subsection (b) shall be increased by an amount equal to— ## § 24: Child tax credit - § 24(h): Pub. L. 119–21, § 70104(a)(3), substituted “beginning after 2017” for “2018 through 2025” in heading. - § 24(h)(1): Pub. L. 119–21, § 70104(a)(1), struck out “, and before January 1, 2026” after “December 31, 2017”. - § 24(h)(2): Pub. L. 119–21, § 70104(a)(2), substituted “$2,200” for “$2,000”. - § 24(h)(5): Pub. L. 119–21, § 70104(d), amended par. (5) generally. Prior to amendment, par. (5) related to maximum amount of refundable credit and its adjustment for inflation. - § 24(h)(7): Pub. L. 119–21, § 70104(b), amended par. (7) generally. Prior to amendment, par. (7) allowed a credit under this section to a taxpayer with respect to any qualifying child if the taxpayer included the social security number of such child on the tax return for the taxable year. - § 24(i): Pub. L. 119–21, § 70104(c), amended subsec. (i) generally. Prior to amendment, subsec. (i) related to special rules for 2021 for refundable credit, 17-year-olds eligible for treatment as qualifying children, credit amount, and reduction of increased credit amount based on modified adjusted gross income. ## § 25: Interest on certain home mortgages - § 25(e)(1)(C): Pub. L. 119–21 substituted “25D, and 25F” for “and 25D”. ## § 25A: American Opportunity and Lifetime Learning credits - § 25A(g)(1): Pub. L. 119–21 amended par. (1) generally. Prior to amendment, par. (1) required inclusion of the name and taxpayer identification number of an individual on the individual’s tax return for claim of American Opportunity Tax and Lifetime Learning Credits with respect to qualified tuition and related expenses and additionally required inclusion of the employer identification number of the institution on the individual’s tax return for claim of American Opportunity Tax Credit. ## § 25B: Elective deferrals and IRA contributions by certain individuals - § 25B(a): Pub. L. 119–21, § 70116(b)(1), substituted “$2,100” for “$2,000”. - § 25B(d)(1): Pub. L. 119–21, § 70116(a)(2), repealed Pub. L. 117–328, § 103(e)(1), and provided that this title shall be applied and administered as though par. (1) of section 103(e) was never enacted. See 2022 Amendment note below. - § 25B(d)(1): Pub. L. 119–21, § 70116(a)(1), amended par. (1) generally. Prior to amendment, par. (1) defined qualified retirement savings contributions. ## § 25C: Energy efficient home improvement credit - § 25C(d)(2)(C): Pub. L. 119–21, § 70505(b), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “Any oil furnace or hot water boiler which— - § 25C(i): Pub. L. 119–21, § 70505(a), which directed amendment of subsec. (h) by substituting “placed in service after December 31, 2025” for “placed in service” and all that followed through “December 31, 2032”, was executed to subsec. (i) of this section by making the substitution for “placed in service— ## § 25D: Residential clean energy credit - § 25D(g)(3): Pub. L. 119–21, § 70506(b)(2), substituted “30 percent.” for “and before January 1, 2033, 30 percent,”. - § 25D(g): Pub. L. 119–21, § 70506(b)(1), (3), struck out pars. (4) and (5) which read as follows: - § 25D(h): Pub. L. 119–21, § 70506(a), substituted “with respect to any expenditures made after December 31, 2025” for “to property placed in service after December 31, 2034”. ## § 25E: Previously-owned clean vehicles - § 25E(g): Pub. L. 119–21 substituted “September 30, 2025” for “December 31, 2032”. ## § 25F: Qualified elementary and secondary education scholarships - Enacted 26 U.S.C. § 25F. ## § 30C: Alternative fuel vehicle refueling property credit - § 30C(i): Pub. L. 119–21 substituted “June 30, 2026” for “December 31, 2032”. ## § 30D: Clean vehicle credit - § 30D(e)(1)(B): Pub. L. 119–21, § 70502(b)(1), struck out cl. (v) which read as follows: “in the case of a vehicle placed in service after December 31, 2026, 80 percent.” - § 30D(e)(2)(B): Pub. L. 119–21, § 70502(b)(2), struck out cls. (iv) to (vi) which read as follows: - § 30D(h): Pub. L. 119–21, § 70502(a), substituted “acquired after September 30, 2025” for “placed in service after December 31, 2032”. ## § 35: Health insurance costs of eligible individuals - § 35(g)(12)(B)(ii): Pub. L. 119–21 substituted “then the amount determined under clause (i) shall be substituted for the amount determined under section 36B(f)(2)” for “then section 36B(f)(2)(B) shall be applied by substituting the amount determined under clause (i) for the amount determined under section 36B(f)(2)(A)”. ## § 36B: Refundable credit for coverage under a qualified health plan - § 36B(c)(1)(B): Pub. L. 119–21, § 71302(a), struck out subpar. (B) which related to a special rule for certain individuals lawfully present in the United States for treatment as an applicable taxpayer. - § 36B(c)(3)(A): Pub. L. 119–21, § 71303(b), designated existing provisions as cl. (i), inserted heading, and added cl. (ii). - § 36B(c)(3)(A)(iii): Pub. L. 119–21, § 71304(a), added cl. (iii). - § 36B(c): Pub. L. 119–21, § 71303(a), added pars. (5) and (6). - § 36B(e)(1): Pub. L. 119–21, § 71301(a), inserted “or, in the case of aliens who are lawfully present, are not eligible aliens” after “individuals who are not lawfully present” in introductory provisions. - § 36B(e)(2): Pub. L. 119–21, § 71301(b), substituted “For purposes of this section—” for “For purposes of this section,”, designated remainder of existing provisions as subpar. (A), inserted heading, and added subpar. (B). - § 36B(f)(2): Pub. L. 119–21, § 71305(a), (b)(1), struck out subpar. (A) designation and heading and subpar. (B) which related to limitation on increase of advance payments under section 1412 of the Patient Protection and Affordable Care Act to a taxpayer whose household income is less than 400 percent of the poverty line for the size of the family involved for the taxable year. ## § 40A: Biodiesel and renewable diesel used as fuel - § 40A(b)(4)(A): Pub. L. 119–21, § 70521(j)(1)(A)(i), substituted “20 cents” for “10 cents”. - § 40A(b)(4)(B): Pub. L. 119–21, § 70521(j)(1)(A)(ii), inserted “in a manner which complies with the requirements under section 45Z(f)(1)(A)(iii)” after “produced by an eligible small agri-biodiesel producer”. - § 40A(b)(4)(D): Pub. L. 119–21, § 70521(j)(1)(A)(iii), added subpar. (D). - § 40A(g): Pub. L. 119–21, § 70521(j)(1)(B), inserted “(or, in the case of the small agri-biodiesel producer credit, any sale or use after December 31, 2026)” after “December 31, 2024”. ## § 41: Credit for increasing research activities - § 41(d)(1)(A): Pub. L. 119–21 amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “with respect to which expenditures may be treated as specified research or experimental expenditures under section 174,”. ## § 42: Low-income housing credit - § 42(h)(3)(I): Pub. L. 119–21, § 70422(a)(1), substituted “calendar years after 2025” for “2018, 2019, 2020, and 2021” in heading and “beginning after December 31, 2025,” for “2018, 2019, 2020, and 2021,” and “1.12” for “1.125” in text. - § 42(h)(4)(B): Pub. L. 119–21, § 70422(b)(1), added subpar. (B) and struck out former subpar. (B). Prior to amendment, text read as follows: “For purposes of subparagraph (A), if 50 percent or more of the aggregate basis of any building and the land on which the building is located is financed by any obligation described in subparagraph (A), paragraph (1) shall not apply to any portion of the credit allowable under subsection (a) with respect to such building.” ## § 45: Electricity produced from certain renewable resources, etc. - § 45(b)(11)(B)(iv): Pub. L. 119–21, § 70512(f)(1)(A), added cl. (iv). - § 45(b)(11)(C): Pub. L. 119–21, § 70512(f)(1)(B), added subpar. (C). ## § 45B: Credit for portion of employer social security taxes paid with respect to employee cash tips - § 45B(b)(1)(B): Pub. L. 119–21, § 70201(e)(2), struck out “as in effect on January 1, 2007, and” before “determined without regard to” and inserted “, and in the case of food or beverage establishments, as in effect on January 1, 2007” after “without regard to section 3(m) of such Act”. - § 45B(b)(2): Pub. L. 119–21, § 70201(e)(1), amended par. (2) generally. Prior to amendment, text read as follows: “In applying paragraph (1), there shall be taken into account only tips received from customers in connection with the providing, delivering, or serving of food or beverages for consumption if the tipping of employees delivering or serving food or beverages by customers is customary.” ## § 45D: New markets tax credit - § 45D(f)(1)(H): Pub. L. 119–21, § 70423(a), substituted “for each calendar year after 2019” for “for for each of calendar years 2020 through 2025”. - § 45D(f)(3): Pub. L. 119–21, § 70423(b), designated first sentence as subpar. (A) and inserted heading, added subpar. (B), and struck out former second sentence which read as follows: “No amount may be carried under the preceding sentence to any calendar year after 2030.” ## § 45F: Employer-provided child care credit - § 45F(a)(1): Pub. L. 119–21, § 70401(a), substituted “40 percent (50 percent in the case of an eligible small business)” for “25 percent”. - § 45F(b): Pub. L. 119–21, § 70401(b), amended subsec. (b) generally. Prior to amendment, text read as follows: “The credit allowable under subsection (a) for any taxable year shall not exceed $150,000.” - § 45F(c)(1)(A)(iii): Pub. L. 119–21, § 70401(d), inserted “, or under a contract with an intermediate entity that contracts with one or more qualified child care facilities to provide such child care services” before period at end. - § 45F(c)(2)(C): Pub. L. 119–21, § 70401(e), added subpar. (C). - § 45F(c)(4): Pub. L. 119–21, § 70401(c), added par. (4). - § 45F(g): Pub. L. 119–21, § 70401(f), added subsec. (g). ## § 45L: New energy efficient home credit - § 45L(h): Pub. L. 119–21 substituted “June 30, 2026” for “December 31, 2032”. ## § 45Q: Credit for carbon oxide sequestration - § 45Q(a)(3)(B): Pub. L. 119–21, § 70522(b)(1)(B), added subpar. (B) and struck out former subpar. (B) which read as follows: “disposed of by the taxpayer in secure geological storage and not used by the taxpayer as described in paragraph (4)(B), and”. - § 45Q(a): Pub. L. 119–21, § 70522(b)(1)(A), (C), struck out par. (4) which read as follows: “the applicable dollar amount (as determined under subsection (b)(1)) per metric ton of qualified carbon oxide which is— - § 45Q(b)(1)(A): Pub. L. 119–21, § 70522(b)(2)(A)(i), added subpar. (A) and struck out former subpar. (A). Prior to amendment, text read as follows: “Except as provided in subparagraph (B) or (C), the applicable dollar amount shall be an amount equal to— - § 45Q(b)(1)(B): Pub. L. 119–21, § 70522(b)(2)(A)(ii), substituted “shall be applied by substituting ‘$36’ for ‘$17’ each place it appears.” for “shall be applied— - § 45Q(b)(2)(B): Pub. L. 119–21, § 70522(b)(2)(B), substituted “paragraph (3)(A)” for “paragraphs (3)(A) and (4)(A)” in introductory provisions. - § 45Q(b)(3): Pub. L. 119–21, § 70522(b)(2)(C), substituted “the dollar amount applicable under paragraph (3)” for “the dollar amounts applicable under paragraph (3) or (4)”. - § 45Q(f)(5)(B)(i): Pub. L. 119–21, § 70522(b)(3)(A), substituted “(3)(B)(iii)” for “(4)(B)(ii)” in introductory provisions. - § 45Q(f)(9): Pub. L. 119–21, § 70522(b)(3)(B), substituted “subsection (a)(3)” for “paragraphs (3) and (4) of subsection (a)” in introductory provisions. - § 45Q(f)(10): Pub. L. 119–21, § 70522(a), added par. (10). - § 45Q(h)(3)(A)(ii): Pub. L. 119–21, § 70522(b)(4), substituted “subsection (a)(3)(A)” for “paragraph (3)(A) or (4)(A) of subsection (a)”. ## § 45S: Employer credit for paid family and medical leave - § 45S(a)(1): Pub. L. 119–21, § 70304(a)(1)(A), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “For purposes of section 38, in the case of an eligible employer, the paid family and medical leave credit is an amount equal to the applicable percentage of the amount of wages paid to qualifying employees during any period in which such employees are on family and medical leave.” - § 45S(a)(3): Pub. L. 119–21, § 70304(a)(1)(B), added par. (3). - § 45S(b)(1): Pub. L. 119–21, § 70304(a)(2), substituted “wages taken into account” for “credit allowed”. - § 45S(c)(3), § 45S(c)(4): Pub. L. 119–21, § 70304(a)(3), added pars. (3) and (4) and struck out former pars. (3) and (4) which read as follows: - § 45S(d)(1): Pub. L. 119–21, § 70304(a)(4)(A), inserted “(or, at the election of the employer, for not less than 6 months)” after “1 year or more”. - § 45S(d)(2): Pub. L. 119–21, § 70304(a)(4)(B)(i), inserted “, as determined on an annualized basis (pro-rata for part-time employees),” after “compensation”. - § 45S(d)(3): Pub. L. 119–21, § 70304(a)(4)(B)(ii), (C), added par. (3). - § 45S: Pub. L. 119–21, § 70304(a)(5), struck out subsec. (i). Text read as follows: “This section shall not apply to wages paid in taxable years beginning after December 31, 2025.” ## § 45U: Zero-emission nuclear power production credit - § 45U(c)(3): Pub. L. 119–21 added par. (3). ## § 45V: Credit for production of clean hydrogen - § 45V(c)(3)(C): Pub. L. 119–21 substituted “January 1, 2028” for “January 1, 2033”. ## § 45W: Credit for qualified commercial clean vehicles - § 45W(g): Pub. L. 119–21 substituted “September 30, 2025” for “December 31, 2032”. ## § 45X: Advanced manufacturing production credit - § 45X(b)(1)(M): Pub. L. 119–21, § 70514(e)(2), inserted “(2.5 percent in the case of metallurgical coal)” after “10 percent”. - § 45X(b)(3): Pub. L. 119–21, § 70514(b)(1), inserted “and termination” after “Phase out” in heading. - § 45X(b)(3)(A): Pub. L. 119–21, § 70514(b)(2), substituted “subparagraphs (C) and (D)” for “subparagraph (C)” in introductory provisions. - § 45X(b)(3)(C), § 45X(b)(3)(D), § 45X(b)(3)(E): Pub. L. 119–21, § 70514(b)(3), added subpars. (C) to (E) and struck out former subpar. (C). Prior to amendment, text of subpar. (C) read as follows: “For purposes of determining the amount under this subsection with respect to any applicable critical mineral, this paragraph shall not apply.” - § 45X(c)(1)(C): Pub. L. 119–21, § 70514(c)(1), added subpar. (C). - § 45X(c)(5)(B)(iii)(III): Pub. L. 119–21, § 70514(d), added subcl. (III). - § 45X(c)(6)(R), § 45X(c)(6)(AA): Pub. L. 119–21, § 70514(e)(1), added subpar. (R) and redesignated former subpars. (R) to (Z) as (S) to (AA), respectively. - § 45X(d)(4): Pub. L. 119–21, § 70514(c)(2), added par. (4) relating to restrictions relating to prohibited foreign entities. - § 45X(d)(4): Pub. L. 119–21, § 70514(a), amended par. (4) generally. Prior to amendment, text read as follows: “For purposes of this section, a person shall be treated as having sold an eligible component to an unrelated person if such component is integrated, incorporated, or assembled into another eligible component which is sold to an unrelated person.” ## § 45Y: Clean electricity production credit - § 45Y(b)(1)(D): Pub. L. 119–21, § 70512(g)(2), added subpar. (D). Former subpar. (D) redesignated (E) relating to coordination with other credits. - § 45Y(b)(1)(E): Pub. L. 119–21, § 70512(g)(1), redesignated subpar. (D) as (E) relating to coordination with other credits. - § 45Y(b)(1)(E): Pub. L. 119–21, § 70512(b)(1), added subpar. (E) relating to material assistance from prohibited foreign entities. - § 45Y(b)(2)(C)(iii): Pub. L. 119–21, § 70512(e), added cl. (iii). - § 45Y(d)(1): Pub. L. 119–21, § 70512(a)(1), substituted “Subject to paragraph (4), the amount of” for “The amount of” in introductory provisions. - § 45Y(d)(3), § 45Y(d)(4): Pub. L. 119–21, § 70512(a)(2), added pars. (3) and (4) and struck out former par. (3). Prior to amendment, text of par. (3) read as follows: “For purposes of this subsection, the term ‘applicable year’ means the later of— - § 45Y(g)(13): Pub. L. 119–21, § 70512(b)(2), added par. (13). - § 45Y(h): Pub. L. 119–21, § 70512(d), added subsec. (h). ## § 45Z: Clean fuel production credit - § 45Z(a)(3): Pub. L. 119–21, § 70521(g)(2)(A), amended par. (3) generally. Prior to amendment, par. (3) consisted of subpars. (A) and (B) providing a special rate for the applicable amounts in par. (2) for sustainable aviation fuel and defining “sustainable aviation fuel”. - § 45Z(b)(1)(B)(i): Pub. L. 119–21, § 70521(c)(2), substituted “clauses (ii), (iii), (iv), and (v)” for “clauses (ii) and (iii)”. - § 45Z(b)(1)(B)(iv), § 45Z(b)(1)(B)(v): Pub. L. 119–21, § 70521(c)(1), added cls. (iv) and (v). - § 45Z(b)(1)(C): Pub. L. 119–21, § 70521(b)(1)(A), added subpar. (C) and struck out former subpar. (C). Prior to amendment, text read as follows: - § 45Z(b)(1)(E): Pub. L. 119–21, § 70521(b)(1)(B), added subpar. (E). - § 45Z(c)(1): Pub. L. 119–21, § 70521(g)(2)(B), substituted “and the $1.00 amount in subsection (a)(2)(B)” for “, the $1.00 amount in subsection (a)(2)(B), the 35 cent amount in subsection (a)(3)(A)(i), and the $1.75 amount in subsection (a)(3)(A)(ii)”. - § 45Z(d)(5)(A)(iv): Pub. L. 119–21, § 70521(e)(1), added cl. (iv). - § 45Z(d)(5)(C): Pub. L. 119–21, § 70521(e)(2), added subpar. (C). - § 45Z(f)(1)(A)(iii): Pub. L. 119–21, § 70521(a)(1), added cl. (iii). - § 45Z(f)(3): Pub. L. 119–21, § 70521(f), inserted at end “The Secretary may prescribe additional related person rules similar to the rule described in the preceding sentence for entities which are not described in such sentence, including rules for related persons with respect to which the taxpayer has reason to believe will sell fuel to an unrelated person in a manner described in subsection (a)(4).” - § 45Z(f)(8): Pub. L. 119–21, § 70521(k)(1), added par. (8). - § 45Z(g): Pub. L. 119–21, § 70521(d), substituted “December 31, 2029” for “December 31, 2027”. ## § 48: Energy credit - § 48(a)(2)(A)(ii): Pub. L. 119–21, § 70513(e)(1), substituted “0 percent” for “2 percent”. - § 48(a)(2)(C): Pub. L. 119–21, § 70513(e)(2), added subpar. (C). ## § 48C: Qualifying advanced energy project credit - § 48C(e)(3)(C): Pub. L. 119–21 substituted “shall not be increased” for “shall be increased”. ## § 48D: Advanced manufacturing investment credit - § 48D(a): Pub. L. 119–21 substituted “35 percent” for “25 percent”. ## § 48E: Clean electricity investment credit - § 48E(a)(3)(A)(i): Pub. L. 119–21, § 70512(f)(2), inserted “, as applied without regard to clause (iv) thereof” after “section 45(b)(11)(B)”. - § 48E(a)(3)(B): Pub. L. 119–21, § 70513(d), amended subpar. (B) generally. Prior to amendment, text read as follows: “Rules similar to the rules of section 48(a)(12) shall apply.” - § 48E(b)(6), § 48E(b)(7): Pub. L. 119–21, § 70513(b)(1)(A), added par. (6) and redesignated former par. (6) as (7). - § 48E(c)(3): Pub. L. 119–21, § 70513(b)(1)(B), added par. (3). - § 48E(d)(6): Pub. L. 119–21, § 70513(b)(2), added par. (6). - § 48E(e)(1): Pub. L. 119–21, § 70513(a)(1), substituted “Subject to paragraph (4), the amount of” for “The amount of” in introductory provisions. - § 48E(e)(4): Pub. L. 119–21, § 70513(a)(2), added par. (4). - § 48E(i): Pub. L. 119–21, § 70513(c)(1)(B), added subsec. (i). Former subsec. (i) redesignated (j), then (k). - § 48E(j): Pub. L. 119–21, § 70513(f)(2), added subsec. (j). - § 48E(j): Pub. L. 119–21, § 70513(c)(1)(A), redesignated subsec. (i) as (j), which was subsequently redesignated (k). - § 48E(k): Pub. L. 119–21, § 70513(f)(1), redesignated subsec. (j), as redesignated by section 70513(c)(1)(A), as (k). ## § 50: Other special rules - § 50(a)(4): Pub. L. 119–21, § 70513(b)(3)(A)(ii), added par. (4). Former par. (4) redesignated (5). - § 50(a)(5): Pub. L. 119–21, § 70513(b)(3)(A)(i), (iii), redesignated par. (4) as (5) and substituted “any applicable transaction to which paragraph (3)(A) applies, or any applicable payment to which paragraph (4)(A) applies,” for “or any applicable transaction to which paragraph (3)(A) applies,”. Former par. (5) redesignated (6). - § 50(a)(6): Pub. L. 119–21, § 70513(b)(3)(A)(i), redesignated par. (5) as (6). Former par. (6) redesignated (7). - § 50(a)(7): Pub. L. 119–21, § 70513(b)(3)(A)(i), (iv), redesignated par. (6) as (7) and, in subpar. (C), substituted “(3), or (4)” for “or (3)”. - § 50(e): Pub. L. 119–21, § 70513(c)(2), added subsec. (e). ## § 55: Alternative minimum tax imposed - § 55(d)(4): Pub. L. 119–21, § 70107(a)(2), struck out “and before 2026” after “beginning after 2017” in heading. - § 55(d)(4)(A): Pub. L. 119–21, § 70107(a)(1), struck out “, and before January 1, 2026” after “December 31, 2017” in introductory provisions. - § 55(d)(4)(A)(ii)(IV): Pub. L. 119–21, § 70107(c), added subcl. (IV). - § 55(d)(4)(B)(i): Pub. L. 119–21, § 70107(b)(1), substituted “2018 (2026, in the case of the $1,000,000 amount in subparagraph (A)(ii)(I))” for “2018” in introductory provisions. - § 55(d)(4)(B)(i)(II): Pub. L. 119–21, § 70107(b)(2), substituted “determined by substituting for ‘calendar year 2016’ in subparagraph (A)(ii) thereof— ## § 56: Adjustments in computing alternative minimum taxable income - § 56(a)(3): Pub. L. 119–21, § 70430(b), substituted “any residential construction contract (as defined in section 460(e)(4))” for “any home construction contract (as defined in section 460(e)(6))”. - § 56(b)(2)(A): Pub. L. 119–21, § 70302(b)(3)(A)(i), substituted “, 174(a), or 174A(a)” for “or 174(a)” in introductory provisions. - § 56(b)(2)(A)(ii): Pub. L. 119–21, § 70302(b)(3)(A)(ii), substituted “foreign research or experimental expenditures described in section 174(a) and domestic research or experimental expenditures in section 174A(a)” for “research and experimental expenditures described in section 174(a)”. - § 56(b)(2)(C): Pub. L. 119–21, § 70302(b)(3)(B), inserted “or 174A(a)” after “174(a)”. - § 56(e)(1)(B): Pub. L. 119–21, § 70203(d)(1), substituted “section 163(h)(5)” for “section 163(h)(4)”. ## § 56A: Adjusted financial statement income - § 56A(c)(13)(A): Pub. L. 119–21, § 70523(a)(1), added subpar. (A) and struck out former subpar. (A) which read as follows: “reduced by depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the taxable year, and”. - § 56A(c)(13)(B)(i): Pub. L. 119–21, § 70523(a)(2), added cl. (i) and struck out former cl (i) which read as follows: “to disregard any amount of depreciation expense that is taken into account on the taxpayer’s applicable financial statement with respect to such property, and”. ## § 57: Items of tax preference - § 57(a)(7): Pub. L. 119–21 substituted “In the case of stock acquired on or before the date of the enactment of the Creating Small Business Jobs Act of 2010, an amount” for “An amount”. ## § 59: Other definitions and special rules - § 59(e)(2)(B): Pub. L. 119–21 substituted “section 174A(a) (relating to domestic research or experimental expenditures)” for “section 174(a) (relating to research and experimental expenditures)”. ## § 59A: Tax on base erosion payments of taxpayers with substantial gross receipts - § 59A(b)(1): Pub. L. 119–21, § 70331(b)(1), substituted “Except as provided in paragraph (2)” for “Except as provided in paragraphs (2) and (3)” in introductory provisions. - § 59A(b)(1)(A): Pub. L. 119–21, § 70331(a)(1), substituted “10.5 percent” for “10 percent”. - § 59A(b)(2): Pub. L. 119–21, § 70331(a)(2), redesignated par. (3) as (2) and struck out former par. (2) which related to modifications for taxable years beginning after 2025. - § 59A(b)(2)(A): Pub. L. 119–21, § 70331(b)(2), substituted “the percentages otherwise in effect under paragraph (1)(A) shall be increased” for “the percentage otherwise in effect under paragraphs (1)(A) and (2)(A) shall each be increased”. - § 59A(b)(2)(B)(ii): Pub. L. 119–21, § 70331(c)(1), substituted “securities dealer registered” for “registered securities dealer”. - § 59A(b)(3), § 59A(b): Pub. L. 119–21, § 70331(a)(2), redesignated par. (4) as (3). Former par. (3) redesignated (2). - § 59A(e)(1)(C): Pub. L. 119–21, § 70331(b)(3), substituted “in the case of a taxpayer described in subsection (b)(2)(B)” for “in the case of a taxpayer described in subsection (b)(3)(B)”. - § 59A(h)(2)(B): Pub. L. 119–21, § 70331(c)(2), substituted “section 6038A(b)(2)” for “section 6038B(b)(2)”. - § 59A(i)(2): Pub. L. 119–21, § 70331(c)(3), substituted “of subsection (h)” for “of subsection (g)” and “under subsection (h)(3)” for “under subsection (g)(3)”. ## § 63: Taxable income defined - § 63(b)(5): Pub. L. 119–21, § 70201(b), added par. (5). - § 63(b)(6): Pub. L. 119–21, § 70202(b), added par. (6). - § 63(b)(7): Pub. L. 119–21, § 70203(b), added par. (7). - § 63(c)(7): Pub. L. 119–21, § 70102(a), substituted “beginning after 2017” for “2018 through 2025” in heading and struck out “, and before January 1, 2026” after “December 31, 2017” in introductory provisions. - § 63(c)(7)(A)(i): Pub. L. 119–21, § 70102(b)(1), substituted “$23,625” for “$18,000”. - § 63(c)(7)(A)(ii): Pub. L. 119–21, § 70102(b)(2), substituted “$15,750” for “$12,000”. - § 63(c)(7)(B)(ii): Pub. L. 119–21, § 70102(b)(1)–(3), substituted “2025” for “2018”, “$23,625” for “$18,000”, and “$15,750” for “$12,000” in introductory provisions. - § 63(c)(7)(B)(ii)(II): Pub. L. 119–21, § 70102(b)(4), substituted “2024” for “2017”. ## § 67: 2-percent floor on miscellaneous itemized deductions - § 67(b)(13): Pub. L. 119–21, § 70110(b)(1), added par. (13). - § 67(g): Pub. L. 119–21, § 70110(b)(2), added subsec. (g). Former subsec. (g) redesignated (h). - § 67(g): Pub. L. 119–21, § 70110(a), substituted “beginning after 2017” for “2018 through 2025” in heading and struck out “, and before January 1, 2026” after “December 31, 2017” in text. - § 67(h): Pub. L. 119–21, § 70110(b)(2), redesignated subsec. (g) as (h). ## § 68: Overall limitation on itemized deductions - § 68: Pub. L. 119–21 amended section generally. Prior to amendment, section consisted of subsecs. (a) to (f) relating, respectively, to general rule, applicable amount, exception for certain itemized deductions, coordination with other limitations, exception for estates and trusts, and this section not applying to any taxable year beginning after Dec. 31, 2017, and before Jan. 1, 2026. ## § 78: Gross up for deemed paid foreign tax credit - § 78: Pub. L. 119–21 substituted “subsections (a) and (d)” for “subsections (a), (b), and (d)” and “90 percent” for “80 percent”. ## § 108: Income from discharge of indebtedness - § 108(f)(5): Pub. L. 119–21 amended par. (5) generally. Prior to amendment, par. (5) related to special rule for discharges in 2021 through 2025. ## § 127: Educational assistance programs - § 127(c)(1)(B): Pub. L. 119–21, § 70412(a), struck out “in the case of payments made before January 1, 2026,” before “the payment by an employer,”. - § 127(d), § 127(e): Pub. L. 119–21, § 70412(b), added subsec. (d) and redesignated former subsec. (d) as (e). ## § 128: Employer contributions to Trump accounts - Enacted 26 U.S.C. § 128. ## § 129: Dependent care assistance programs - § 129(a)(2)(A): Pub. L. 119–21 substituted “$7,500 ($3,750” for “$5,000 ($2,500”. ## § 132: Certain fringe benefits - § 132(f)(1): Pub. L. 119–21, § 70112(a)(1), struck out subpar. (D) which read as follows: “Any qualified bicycle commuting reimbursement.” - § 132(f)(2): Pub. L. 119–21, § 70112(a)(2), struck out subpar. (C) which read as follows: “the applicable annual limitation in the case of any qualified bicycle commuting reimbursement.” - § 132(f)(4): Pub. L. 119–21, § 70112(a)(3), struck out “(other than a qualified bicycle commuting reimbursement)” after “transportation fringe”. - § 132(f)(5): Pub. L. 119–21, § 70112(a)(4), struck out subpar. (F) which defined qualified bicycle commuting reimbursement, applicable annual limitation, and qualified bicycle commuting month. - § 132(f)(6)(A)(ii): Pub. L. 119–21, § 70112(b), substituted “1997” for “1998”. - § 132(f): Pub. L. 119–21, § 70112(a)(5), struck out par. (8). Text read as follows: “Paragraph (1)(D) shall not apply to any taxable year beginning after December 31, 2017, and before January 1, 2026.” - § 132(g)(2): Pub. L. 119–21, § 70113(d), inserted “, or an employee or new appointee of the intelligence community (as defined in section 3 of the National Security Act of 1947 (50 U.S.C. 3003)) (other than a member of the Armed Forces of the United States) who moves pursuant to a change in assignment that requires relocation” after “change of station”. - § 132(g)(2): Pub. L. 119–21, § 70113(c), substituted “beginning after 2017” for “2018 through 2025” in heading and struck out “, and before January 1, 2026” after “December 31, 2017” in text. ## § 139J: Certain contributions to Trump accounts - Enacted 26 U.S.C. § 139J. ## § 139K: Scholarships for qualified elementary or secondary education expenses of eligible students - Enacted 26 U.S.C. § 139K. ## § 139L: Interest on loans secured by rural or agricultural real property - Enacted 26 U.S.C. § 139L. ## § 142: Exempt facility bond - § 142(a)(1): Pub. L. 119–21, § 70309(a), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “airports,”. - § 142(b)(1)(C): Pub. L. 119–21, § 70309(b), added subpar. (C). - § 142(c): Pub. L. 119–21, § 70309(e), inserted “spaceports,” after “Airports,” in heading. - § 142(p): Pub. L. 119–21, § 70309(c), added subsec. (p). ## § 144: Qualified small issue bond; qualified student loan bond; qualified redevelopment bond - § 144(a)(4)(C)(iv): Pub. L. 119–21 substituted “174A(a)” for “174(a)”. ## § 149: Bonds must be registered to be tax exempt; other requirements - § 149(b)(3)(F): Pub. L. 119–21 added subpar. (F). ## § 151: Allowance of deductions for personal exemptions - § 151(d)(5): Pub. L. 119–21, § 70103(a)(1), (2), substituted “beginning after 2017” for “2018 through 2025” in heading and struck out “, and before January 1, 2026” after “December 31, 2017” in introductory provisions. - § 151(d)(5)(C): Pub. L. 119–21, § 70103(a)(3), added subpar. (C). ## § 162: Trade or business expenses - § 162(m)(7): Pub. L. 119–21 added par. (7). ## § 163: Interest - § 163(h)(3)(F): Pub. L. 119–21, § 70108(a)(3), substituted “beginning after 2017” for “2018 through 2025” in heading. - § 163(h)(3)(F)(i): Pub. L. 119–21, § 70108(a)(1)(A), struck out “, and before January 1, 2026” after “December 31, 2017” in introductory provisions. - § 163(h)(3)(F)(i)(III), § 163(h)(3)(F)(i)(IV), § 163(h)(3)(F)(i)(V): Pub. L. 119–21, § 70108(a)(1)(B)–(D), added subcl. (III), redesignated former subcls. (III) and (IV) as (IV) and (V), respectively, and substituted “subclause (IV)” for “subclause (III)” in subcl. (V). - § 163(h)(3)(F)(ii), § 163(h)(3)(F)(iii), § 163(h)(3)(F): Pub. L. 119–21, § 70108(a)(2), redesignated cls. (iii) and (iv) as (ii) and (iii), respectively, and struck out former cl. (ii). Prior to amendment, text of cl. (ii) read as follows: “In the case of taxable years beginning after December 31, 2025, the limitation under subparagraph (B)(ii) shall be applied to the aggregate amount of indebtedness of the taxpayer described in subparagraph (B)(i) without regard to the taxable year in which the indebtedness was incurred.” - § 163(h)(4), § 163(h)(5): Pub. L. 119–21, § 70203(a), added par. (4) and redesignated former par. (4) as (5). - § 163(j)(5): Pub. L. 119–21, § 70341(b), inserted at end “Such term shall not include any interest which is capitalized under section 263(g) or 263A(f).” - § 163(j)(8)(A)(v): Pub. L. 119–21, § 70303(a), struck out “in the case of taxable years beginning before January 1, 2022,” before “any deduction”. - § 163(j)(8)(A)(vi): Pub. L. 119–21, § 70342(a), added cl. (vi). - § 163(j)(9)(C): Pub. L. 119–21, § 70303(b), inserted concluding provisions. - § 163(j)(10), § 163(j)(11), § 163(j)(12), § 163(j)(13): Pub. L. 119–21, § 70341(a), (c), added pars. (10) and (11) and successively redesignated former pars. (10) and (11) as (12) and (13), respectively. ## § 164: Taxes - § 164(b)(6): Pub. L. 119–21, § 70120(a)(1), struck out “and before January 1, 2026” after “December 31, 2017,” in introductory provisions. - § 164(b)(6)(B): Pub. L. 119–21, § 70120(a)(2), substituted “the applicable limitation amount (half the applicable limitation amount in the case of a married individual filing a separate return)” for “$10,000 ($5,000 in the case of a married individual filing a separate return)”. - § 164(b)(7): Pub. L. 119–21, § 70120(b), added par. (7). ## § 165: Losses - § 165(d): Pub. L. 119–21, § 70114(a), added subsec. (d) and struck out former subsec. (d). Prior to amendment, text read as follows: “Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions. For purposes of the preceding sentence, in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, the term ‘losses from wagering transactions’ includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.” - § 165(h)(5): Pub. L. 119–21, § 70109(a)(2), substituted “beginning after 2017” for “2018 through 2025” in heading. - § 165(h)(5)(A): Pub. L. 119–21, § 70109(b)(1), substituted “(i)(5)) or a State declared disaster” for “(i)(5))”. - § 165(h)(5)(A): Pub. L. 119–21, § 70109(a)(1), struck out “, and before January 1, 2026” after “December 31, 2017”. - § 165(h)(5)(B)(i): Pub. L. 119–21, § 70109(b)(2), substituted “(as so defined) or a State declared disaster” for “(as so defined)”. - § 165(h)(5)(C): Pub. L. 119–21, § 70109(b)(3), added subpar. (C). ## § 168: Accelerated cost recovery system - § 168(e)(3)(B)(vi): Pub. L. 119–21, § 70509(a), redesignated subcls. (II) and (III) as (I) and (II), respectively, and struck out former subcl. (I) which read as follows: “is described in subparagraph (A) of section 48(a)(3) (or would be so described if ‘solar or wind energy’ were substituted for ‘solar energy’ in clause (i) thereof and the last sentence of such section did not apply to such subparagraph),”. - § 168(k)(1)(A): Pub. L. 119–21, § 70301(b)(1)(A), substituted “100 percent” for “the applicable percentage”. - § 168(k)(2)(A)(i)(IV): Pub. L. 119–21, § 70434(g)(1), substituted “without regard to subsections (a)(2) and (h)” for “without regard to subsections (a)(2) and (g)” and struck out “or” at end. - § 168(k)(2)(A)(i)(V): Pub. L. 119–21, § 70434(g)(1), substituted “without regard to subsections (a)(2) and (h)” for “without regard to subsections (a)(2) and (g)” and inserted “or” at end. - § 168(k)(2)(A)(i)(V): Pub. L. 119–21, § 70301(a)(1), inserted “and” at end. - § 168(k)(2)(A)(i)(VI): Pub. L. 119–21, § 70434(g)(1)(A), added subcl. (VI). - § 168(k)(2)(A)(ii): Pub. L. 119–21, § 70301(a)(1), (5)(A), substituted “clause (i) of subparagraph (E)” for “clause (ii) of subparagraph (E)” and period at end for “, and”. - § 168(k)(2)(A): Pub. L. 119–21, § 70301(a)(1), struck out cl. (iii) which read as follows: “which is placed in service by the taxpayer before January 1, 2027.” - § 168(k)(2)(B)(i)(II), § 168(k)(2)(B)(i)(III), § 168(k)(2)(B)(i)(IV), § 168(k)(2)(B)(i): Pub. L. 119–21, § 70301(a)(2)(A), redesignated subcls. (IV) to (VI) as (II) to (IV), respectively, and struck out former subcls. (II) and (III) which read as follows: - § 168(k)(2)(B)(ii), § 168(k)(2)(B)(iii), § 168(k)(2)(B): Pub. L. 119–21, § 70301(a)(2)(B), redesignated cls. (iii) and (iv) as (ii) and (iii), respectively, and struck out former cl. (ii). Prior to amendment, text of cl. (ii) read as follows: “In the case of property which is qualified property solely by reason of clause (i), paragraph (1) shall apply only to the extent of the adjusted basis thereof attributable to manufacture, construction, or production before January 1, 2027.” - § 168(k)(2)(C)(i): Pub. L. 119–21, § 70301(a)(5)(B), struck out “and subclauses (II) and (III) of subparagraph (B)(i)” after “subparagraph (A)(ii)”. - § 168(k)(2)(C)(ii): Pub. L. 119–21, § 70301(a)(5)(C), substituted “subparagraph (B)(ii)” for “subparagraph (B)(iii)”. - § 168(k)(2)(E): Pub. L. 119–21, § 70301(a)(3), redesignated cls. (ii) and (iii) as (i) and (ii), respectively, and struck out former cl. (i). Prior to amendment, text of cl. (i) read as follows: “In the case of a taxpayer manufacturing, constructing, or producing property for the taxpayer’s own use, the requirements of subclause (III) of subparagraph (B)(i) shall be treated as met if the taxpayer begins manufacturing, constructing, or producing the property before January 1, 2027.” - § 168(k)(2)(H)(iii): Pub. L. 119–21, § 70434(g)(2), added cl. (iii). - § 168(k)(5)(A): Pub. L. 119–21, § 70301(a)(4), substituted “planted or grafted” for “planted before January 1, 2027, or is grafted before such date to a plant that has already been planted,” in introductory provisions. - § 168(k)(5)(A)(i): Pub. L. 119–21, § 70301(b)(2), substituted “100 percent” for “the applicable percentage”. - § 168(k)(6), § 168(k)(8): Pub. L. 119–21, § 70301(b)(1)(B), struck out pars. (6) and (8) which defined the term “applicable percentage” and related to a phase down for qualified property acquired by the taxpayer before Sept. 28, 2017, and placed in service by the taxpayer after Sept. 27, 2017, respectively. - § 168(k)(10): Pub. L. 119–21, § 70301(b)(3), added subpars. (A) and (B), redesignated former subpar. (B) as (C), and struck out former subpar. (A). Prior to amendment, text of subpar. (A) read as follows: “In the case of qualified property placed in service by the taxpayer during the first taxable year ending after September 27, 2017, if the taxpayer elects to have this paragraph apply for such taxable year, paragraphs (1)(A) and (5)(A)(i) shall be applied by substituting ‘50 percent’ for ‘the applicable percentage’.” - § 168(n): Pub. L. 119–21, § 70307(a), added subsec. (n). ## § 170: Charitable, etc., contributions and gifts - § 170(b)(1)(B): Pub. L. 119–21, § 70425(b)(2)(B)(i), substituted “to which subparagraph (A) or (G)” for “to which subparagraph (A)” in introductory and concluding provisions. - § 170(b)(1)(B)(ii): Pub. L. 119–21, § 70425(b)(2)(B)(ii), substituted “over—” and subcls. (I) and (II) for “over the amount of charitable contributions allowable under subparagraph (A) (determined without regard to subparagraph (C)).” - § 170(b)(1)(G)(i): Pub. L. 119–21, § 70425(b)(1), amended cl. (i) generally. Prior to amendment, text read as follows: “In the case of any contribution of cash to an organization described in subparagraph (A), the total amount of such contributions which may be taken into account under subsection (a) for any taxable year beginning after December 31, 2017, and before January 1, 2026, shall not exceed 60 percent of the taxpayer’s contribution base for such year.” - § 170(b)(1)(G)(iii): Pub. L. 119–21, § 70425(b)(2)(A)(i), substituted “subparagraph (A)” for “subparagraphs (A) and (B)” in heading. - § 170(b)(1)(G)(iii)(II): Pub. L. 119–21, § 70425(b)(2)(A)(ii), struck out “, and subparagraph (B) shall be applied by treating any reference to subparagraph (A) as a reference to both subparagraph (A) and this subparagraph” before period at end. - § 170(b)(1)(I): Pub. L. 119–21, § 70425(a)(1), added subpar. (I). - § 170(b)(2)(A): Pub. L. 119–21, § 70426(a), amended subpar. (A) generally. Prior to amendment, text read as follows: “The total deductions under subsection (a) for any taxable year (other than for contributions to which subparagraph (B) or (C) applies) shall not exceed 10 percent of the taxpayer’s taxable income.” - § 170(b)(2)(B)(ii): Pub. L. 119–21, § 70426(c), inserted “other than subparagraph (C) thereof” after “subsection (d)(2)”. - § 170(d)(1)(C): Pub. L. 119–21, § 70425(a)(2), added subpar. (C). - § 170(d)(2): Pub. L. 119–21, § 70426(b), amended par. (2) generally. Prior to amendment, par. (2) related to carryovers of excess contributions by corporations. - § 170(n)(1): Pub. L. 119–21, § 70429(a), substituted “$50,000” for “$10,000”. - § 170(p): Pub. L. 119–21, § 70425(a)(3), inserted “, (b)(1)(I),” after “subsections (b)(1)(G)(ii)” in introductory provisions. - § 170(p): Pub. L. 119–21, § 70424(a), in introductory provisions, struck out “beginning in 2021” after “In the case of any taxable year” and substituted “$1,000 ($2,000” for “$300 ($600”. ## § 172: Net operating loss deduction - § 172(d)(9): Pub. L. 119–21 substituted “deduction eligible” for “intangible” in heading. ## § 174: Amortization of research and experimental expenditures - § 174(a): Pub. L. 119–21, § 70302(b)(1)(A)(i), substituted “a taxpayer’s foreign research or experimental expenditures” for “a taxpayer’s specified research or experimental expenditures” in introductory provisions. - § 174(a)(2)(B): Pub. L. 119–21, § 70302(b)(1)(A)(ii), substituted “over the 15-year period” for “over the 5-year period (15-year period in the case of any specified research or experimental expenditures which are attributable to foreign research (within the meaning of section 41(d)(4)(F)))”. - § 174(b): Pub. L. 119–21, § 70302(b)(1)(B), substituted “Foreign” for “Specified” in heading and “foreign research” for “specified research” in text and inserted before period at end “and which are attributable to foreign research (within the meaning of section 41(d)(4)(F))”. - § 174(d): Pub. L. 119–21, § 70302(b)(1)(C), substituted “foreign research or experimental expenditures” for “specified research or experimental expenditures” and inserted “or reduction to amount realized” after “no deduction”. ## § 174A: Domestic research or experimental expenditures - Enacted 26 U.S.C. § 174A. ## § 179: Election to expense certain depreciable business assets - § 179(b)(1): Pub. L. 119–21, § 70306(a)(1), substituted “$2,500,000” for “$1,000,000”. - § 179(b)(2): Pub. L. 119–21, § 70306(a)(2), substituted “$4,000,000” for “$2,500,000”. - § 179(b)(6)(A): Pub. L. 119–21, § 70306(b)(1), inserted “(2025 in the case of the dollar amounts in paragraphs (1) and (2))” after “In the case of any taxable year beginning after 2018” in introductory provisions. - § 179(b)(6)(A)(ii): Pub. L. 119–21, § 70306(b)(2), substituted “determined by substituting in subparagraph (A)(ii) thereof—” for “determined by substituting ‘calendar year 2017’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof.” and added subcls. (I) and (II). ## § 179D: Energy efficient commercial buildings deduction - § 179D(i): Pub. L. 119–21 added subsec. (i). ## § 181: Treatment of certain qualified productions - § 181: Pub. L. 119–21, § 70434(h)(1), amended section catchline generally. Prior to amendment, section catchline read as follows: “Treatment of certain qualified film and television and live theatrical productions”. - § 181(a)(1): Pub. L. 119–21, § 70434(a), substituted “qualified film or television production, any qualified live theatrical production, and any qualified sound recording production” for “qualified film or television production, and any qualified live theatrical production,”. - § 181(a)(2)(C): Pub. L. 119–21, § 70434(b), added subpar. (C). - § 181(b): Pub. L. 119–21, § 70434(c), substituted “qualified film or television production, any qualified live theatrical production, or any qualified sound recording production” for “qualified film or television production or any qualified live theatrical production”. - § 181(c)(1): Pub. L. 119–21, § 70434(d), substituted “qualified film or television production, any qualified live theatrical production, or any qualified sound recording production” for “qualified film or television production or any qualified live theatrical production”. - § 181(f), § 181(g): Pub. L. 119–21, § 70434(e), added subsec. (f) and redesignated former subsec. (f) as (g). Former subsec. (g) redesignated (h). - § 181(h): Pub. L. 119–21, § 70434(f), substituted “qualified film and television productions, qualified live theatrical productions, or qualified sound recording productions” for “qualified film and television productions or qualified live theatrical productions”. - § 181(h): Pub. L. 119–21, § 70434(e), redesignated subsec. (g) as (h). ## § 195: Start-up expenditures - § 195(c)(1): Pub. L. 119–21 substituted “174, or 174A” for “or 174” in concluding provisions. ## § 199A: Qualified business income - § 199A(a): Pub. L. 119–21, § 70105(b)(2), inserted “except as provided in subsection (i),” before “there” in introductory provisions. - § 199A(b)(3)(B): Pub. L. 119–21, § 70105(a)(1), substituted “$75,000 ($150,000 in the case of a joint return)” for “$50,000 ($100,000 in the case of a joint return)” in two places. - § 199A(c)(4)(D): Pub. L. 119–21, § 70201(d), added subpar. (D). - § 199A(d)(3): Pub. L. 119–21, § 70105(a)(2), substituted “$75,000 ($150,000 in the case of a joint return)” for “$50,000 ($100,000 in the case of a joint return)” in two places. - § 199A(e)(1): Pub. L. 119–21, § 70111(b)(1), inserted “without regard to section 68 and” after “shall be computed”. - § 199A(g)(2)(B): Pub. L. 119–21, § 70111(b)(2), inserted “section 68 or” after “without regard to”. - § 199A(i): Pub. L. 119–21, § 70105(b)(1), amended subsec. (i) generally. Prior to amendment, text read as follows: “This section shall not apply to taxable years beginning after December 31, 2025.” ## § 217: Moving expenses - § 217(k): Pub. L. 119–21, § 70113(b), designated existing provisions as par. (1), inserted heading, and added par. (2). - § 217(k): Pub. L. 119–21, § 70113(a), substituted “beginning after 2017” for “2018 through 2025” in heading and struck out “, and before January 1, 2026” after “December 31, 2017” in text. ## § 223: Health savings accounts - § 223(c)(1)(B)(ii): Pub. L. 119–21, § 71306(b), struck out “(in the case of months or plan years to which paragraph (2)(E) applies)” after “long-term care, or”. - § 223(c)(1)(E): Pub. L. 119–21, § 71308(a), added subpar. (E). - § 223(c)(2)(E): Pub. L. 119–21, § 71306(a), amended subpar. (E) generally. Prior to amendment, text read as follows: “In the case of— - § 223(c)(2)(H): Pub. L. 119–21, § 71307(a), added subpar. (H). - § 223(d)(2)(C)(v): Pub. L. 119–21, § 71308(b), added cl. (v). - § 223(g)(1): Pub. L. 119–21, § 71308(c)(1), (3), substituted “in subsections (b)(2), (c)(2)(A), and in the case of taxable years beginning after 2026, (c)(1)(E)(ii)(II)” for “in subsections (b)(2) and (c)(2)(A)”, in introductory provisions, and inserted “, (c)(1)(E)(ii)(II),” after “(b)(2)”, in concluding provisions. - § 223(g)(1)(B): Pub. L. 119–21, § 71308(c)(2), substituted “clauses (ii) and (iii)” for “clause (ii)”, in cl. (i), and added cl. (iii). ## § 224: Qualified tips - Enacted 26 U.S.C. § 224. ## § 225: Qualified overtime compensation - Enacted 26 U.S.C. § 225. ## § 226: Cross reference - § 226: Pub. L. 119–21 successively renumbered sections 224 and 225 of this title as this section. ## § 250: Foreign-derived deduction eligible income and net CFC tested income - § 250: Pub. L. 119–21, § 70323(b)(2)(C)(i), substituted “Foreign-derived deduction eligible” for “Foreign-derived intangible” in section catchline. - § 250: Pub. L. 119–21, § 70323(a)(3)(A)(ii), substituted “net CFC tested income” for “global intangible low-taxed income” in section catchline. - § 250(a)(1)(A): Pub. L. 119–21, § 70323(b)(1), substituted “foreign-derived deduction eligible income” for “foreign-derived intangible income”. - § 250(a)(1)(A): Pub. L. 119–21, § 70321(a)(1), substituted “33.34 percent” for “37.5 percent”. - § 250(a)(1)(B): Pub. L. 119–21, § 70321(a)(2), substituted “40 percent” for “50 percent” in introductory provisions. - § 250(a)(1)(B)(i): Pub. L. 119–21, § 70323(a)(3)(A)(i), substituted “net CFC tested income” for “global intangible low-taxed income”. - § 250(a)(2): Pub. L. 119–21, § 70323(b)(2)(A), substituted “foreign-derived deduction eligible income” for “foreign-derived intangible income” wherever appearing. - § 250(a)(2): Pub. L. 119–21, § 70323(a)(3)(A)(i), substituted “net CFC tested income” for “global intangible low-taxed income” in wherever appearing. - § 250(a): Pub. L. 119–21, § 70321(a)(3), struck out par. (3). Text read as follows: “In the case of any taxable year beginning after December 31, 2025, paragraph (1) shall be applied by substituting— - § 250(b): Pub. L. 119–21, § 70323(b)(2)(B)(iv), substituted “deduction eligible” for “intangible” in heading. - § 250(b): Pub. L. 119–21, § 70323(b)(2)(B)(i)–(iii), struck out pars. (1) and (2), redesignated former pars. (4) and (5) as (1) and (2), respectively, and substituted “paragraph (1)(B)” for “paragraph (4)(B)” in par. (2)(B)(ii). Prior to amendment, pars. (1) and (2) defined “foreign-derived intangible income” for purposes of this section and “deemed intangible income” and “deemed tangible income return” for purposes of subsec. (b), respectively. - § 250(b)(3)(A)(i)(II): Pub. L. 119–21, § 70323(a)(3)(A)(i), substituted “net CFC tested income” for “global intangible low-taxed income”. - § 250(b)(3)(A)(i)(VII): Pub. L. 119–21, § 70322(a)(1), added subcl. (VII). - § 250(b)(3)(A)(ii): Pub. L. 119–21, § 70322(b)(1), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “the deductions (including taxes) properly allocable to such gross income.” - § 250(b): Pub. L. 119–21, § 70322(a)(2), inserted “(other than paragraph (3)(A)(i)(VII))” after “For purposes of this subsection”. ## § 263: Capital expenditures - § 263(a)(1)(B): Pub. L. 119–21 inserted “or 174A” after “174”. ## § 263A: Capitalization and inclusion in inventory costs of certain expenses - § 263A(c)(2): Pub. L. 119–21 inserted “or 174A” after “174”. ## § 274: Disallowance of certain entertainment, etc., expenses - § 274(l): Pub. L. 119–21, § 70112(c), struck out par. (1) designation and heading before “No deduction” and struck out par. (2). Prior to amendment, text of par. (2) read as follows: “In the case of any qualified bicycle commuting reimbursement (as described in section 132(f)(5)(F)), this subsection shall not apply for any amounts paid or incurred after December 31, 2017, and before January 1, 2026.” - § 274(n)(2)(C)(v): Pub. L. 119–21, § 70305(b), added cl. (v). - § 274(o): Pub. L. 119–21, § 70305(a), substituted “Except in the case of an expense described in subsection (e)(8) or (n)(2)(C), no deduction” for “No deduction” in introductory provisions. ## § 280C: Certain expenses for which credits are allowable - § 280C(a): Pub. L. 119–21, § 70304(b), substituted “45S(a)(1)(A)” for “45S(a)” and inserted “No deduction shall be allowed for that portion of the premiums paid or incurred for the taxable year which is equal to that portion of the paid family and medical leave credit which is determined for the taxable year under section 45S(a)(1)(B).” after “and 1396(a).” - § 280C(c)(1): Pub. L. 119–21, § 70302(b)(2)(B), amended par. (1) generally. Prior to amendment, text read as follows: “If— ## § 460: Special rules for long-term contracts - § 460(c)(6)(B): Pub. L. 119–21, § 70301(a)(5)(D), substituted “which has a recovery period of 7 years or less.” for “which— - § 460(e)(1): Pub. L. 119–21, § 70430(a)(1), in concluding provisions, substituted “residential construction contract” for “home construction contract” and inserted “(determined by substituting ‘3-year’ for ‘2-year’ in subparagraph (B)(i) for any residential construction contract which is not a home construction contract)” after “the requirements of clauses (i) and (ii) of subparagraph (B)”. - § 460(e)(1)(A): Pub. L. 119–21, § 70430(a)(1)(A), substituted “residential construction contract” for “home construction contract”. - § 460(e)(4): Pub. L. 119–21, § 70430(a)(2), redesignated par. (5) as (4) and struck out former par. (4). Prior to amendment, text of par. (4) read as follows: “In the case of any residential construction contract which is not a home construction contract, subsection (a) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1989) shall apply except that such subsection shall be applied— - § 460(e)(4)(A): Pub. L. 119–21, § 70430(a)(3), substituted “paragraph (3)” for “paragraph (4)” in introductory provisions. - § 460(e): Pub. L. 119–21, § 70430(a)(2), redesignated par. (5) as (4). ## § 461: General rule for taxable year of deduction - § 461(l)(1)(A): Pub. L. 119–21, § 70601(a), struck out “and before January 1, 2029,” after “December 31, 2017,”. - § 461(l)(1)(B): Pub. L. 119–21, § 70601(a), struck out “and before January 1, 2029,” after “December 31, 2020,”. - § 461(l)(3)(C): Pub. L. 119–21, § 70601(b)(1), substituted “December 31, 2025” for “December 31, 2018” in introductory provisions. - § 461(l)(3)(C)(ii): Pub. L. 119–21, § 70601(b)(2), substituted “2024” for “2017”. ## § 529: Qualified tuition programs - § 529(c)(3)(C)(i)(III): Pub. L. 119–21, § 70117(a), struck out “before January 1, 2026,” before “to an ABLE account”. - § 529(c)(7): Pub. L. 119–21, § 70413(a)(1), amended par. (7) generally. Prior to amendment, text read as follows: “Any reference in this subsection to the term ‘qualified higher education expense’ shall include a reference to expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.” - § 529(e)(3)(A): Pub. L. 119–21, § 70413(b)(1), which directed that the “last sentence of section 529(e)(3)” be amended by substituting “$20,000” for “$10,000”, was executed by making the substitution in the concluding provisions of subpar. (A) of par. (3), to reflect the probable intent of Congress. - § 529(e)(3)(C): Pub. L. 119–21, § 70414(a), added subpar. (C). - § 529(f), § 529(g): Pub. L. 119–21, § 70414(b), added subsec. (f) and redesignated former subsec. (f) as (g). ## § 529A: Qualified ABLE programs - § 529A(b)(2)(B): Pub. L. 119–21, § 70204(a)(2)(A), which directed the insertion of “or received in a qualified ABLE rollover contribution described in section 530A(d)(4)(B)” after “except as provided in the case of contributions under subsection (c)(1)(C)” in introductory provisions, was executed by making the insertion after “except in the case of contributions under subsection (c)(1)(C)” to reflect the probable intent of Congress. - § 529A(b)(2)(B)(i): Pub. L. 119–21, § 70115(a)(1), inserted “(determined by substituting ‘1996’ for ‘1997’ in paragraph (2)(B) thereof)” after “section 2503(b)”. - § 529A(b)(2)(B)(ii): Pub. L. 119–21, § 70115(a)(2), struck out “before January 1, 2026” after “paragraph (7)” in introductory provisions. - § 529A(b)(6): Pub. L. 119–21, § 70204(a)(2)(B), inserted “but do not include any contributions received in a qualified ABLE rollover contribution described in section 530A(d)(4)(B)” after “instrumentality thereof”. ## § 530A: Trump accounts - Enacted 26 U.S.C. § 530A. ## § 543: Personal holding company income - § 543(d)(4)(A)(i): Pub. L. 119–21 inserted “174A,” after “174,”. ## § 707: Transactions between partner and partnership - § 707(a)(2): Pub. L. 119–21 substituted “Except as provided” for “Under regulations prescribed” in introductory provisions. ## § 856: Definition of real estate investment trust - § 856(c)(4)(B)(ii): Pub. L. 119–21 substituted “25 percent” for “20 percent”. ## § 864: Definitions and special rules - § 864(g)(2): Pub. L. 119–21 substituted “foreign research or experimental expenditures within the meaning of section 174 or domestic research or experimental expenditures within the meaning of section 174A” for “research and experimental expenditures within the meaning of section 174”, “allowed as an amortization deduction under section 174(a) or section 174A(c),” for “treated as deferred expenses under subsection (b) of section 174”, and “such section (as the case may be)” for “such subsection”. ## § 898: Taxable year of certain foreign corporations - § 898(c)(2), § 898(c): Pub. L. 119–21 redesignated par. (3) as (2) and struck out former par. (2). Prior to amendment, text of par. (2) read as follows: “A specified foreign corporation may elect, in lieu of the taxable year under paragraph (1)(A), a taxable year beginning 1 month earlier than the majority U.S. shareholder year.” ## § 904: Limitation on credit - § 904(b)(5): Pub. L. 119–21, § 70311(a), added par. (5). - § 904(b)(6): Pub. L. 119–21, § 70313(a), added par. (6). - § 904(d)(2)(H)(i): Pub. L. 119–21, § 70311(b)(1), substituted “paragraph (1)(D)” for “paragraph (1)(B)”. - § 904(d)(4)(C)(ii): Pub. L. 119–21, § 70311(b)(2), substituted “paragraph (1)(C)” for “paragraph (1)(A)”. ## § 951: Amounts included in gross income of United States shareholders - § 951(a): Pub. L. 119–21 amended subsec. (a) generally. Prior to amendment, subsec. (a) consisted of pars. (1) and (2) relating to amounts included in gross income of United States shareholders in general and pro rata share of subpart F income, respectively. ## § 951A: Net CFC tested income included in gross income of United States shareholders - § 951A: Pub. L. 119–21, § 70323(a)(3)(E)(i), substituted “Net CFC tested income” for “Global intangible low-taxed income” in section catchline. - § 951A(a): Pub. L. 119–21, § 70323(a)(1), substituted “net CFC tested income” for “global intangible low-taxed income”. - § 951A(b): Pub. L. 119–21, § 70323(a)(2), redesignated subsec. (c) as (b) and struck out former subsec. (b) defining “global intangible low-taxed income” and “net deemed tangible income return”. - § 951A(b)(1)(A): Pub. L. 119–21, § 70354(b)(1)(A), struck out “(determined for each taxable year of such controlled foreign corporation which ends in or with such taxable year of such United States shareholder)” after “such United States shareholder”. - § 951A(b)(1)(B): Pub. L. 119–21, § 70354(b)(1)(B), struck out “(determined for each taxable year of such controlled foreign corporation which ends in or with such taxable year of such United States shareholder)” before period at end. - § 951A(c): Pub. L. 119–21, § 70323(a)(2), redesignated subsec. (e) as (c). Former subsec. (c) redesignated (b). - § 951A(c)(1): Pub. L. 119–21, § 70354(b)(2)(A), substituted “determined under section 951(a)(3)” for “in which or with which the taxable year of the controlled foreign corporation ends”. - § 951A(c)(1): Pub. L. 119–21, § 70323(a)(3)(B), substituted “subsections (b)(1)(A) and (b)(1)(B)” for “subsections (b), (c)(1)(A), and (c)(1)(B)”. - § 951A(c)(2): Pub. L. 119–21, § 70354(b)(2)(B), substituted “any day in such taxable year” for “the last day in the taxable year of such foreign corporation on which such foreign corporation is a controlled foreign corporation”. - § 951A(d): Pub. L. 119–21, § 70323(a)(3)(C)(i), substituted “net CFC tested income” for “global intangible low-taxed income” wherever appearing. Substitution was also made in heading of par. (2) of subsec. (d) to reflect the probable intent of Congress. - § 951A(d): Pub. L. 119–21, § 70323(a)(2), redesignated subsec. (f) as (d) and struck out former subsec. (d) which related to qualified business asset investment. - § 951A(d)(2)(B)(ii): Pub. L. 119–21, § 70323(a)(3)(C)(ii), substituted “subsection (b)(1)(A)” for “subsection (c)(1)(A)”. - § 951A: Pub. L. 119–21, § 70323(a)(2), redesignated subsec. (e) as (c). - § 951A: Pub. L. 119–21, § 70323(a)(2), redesignated subsec. (f) as (d). - § 951A: Pub. L. 119–21, § 70311(b)(3), substituted “904(h)” for “904(h)(1)”. ## § 951B: Amounts included in gross income of foreign controlled United States shareholders - Enacted 26 U.S.C. § 951B. ## § 954: Foreign base company income - § 954(c)(6)(C): Pub. L. 119–21 struck out “and before January 1, 2026,” after “after December 31, 2005,”. ## § 958: Rules for determining stock ownership - § 958(b): Pub. L. 119–21, § 70353(a)(2), substituted “Paragraphs (1) and (4)” for “Paragraph (1)” in concluding provisions. - § 958(b)(4): Pub. L. 119–21, § 70353(a)(1), added par. (4). ## § 960: Deemed paid credit for subpart F inclusions - § 960(d)(1): Pub. L. 119–21, § 70312(a)(1), substituted “90 percent” for “80 percent” in introductory provisions. - § 960(d)(2)(A): Pub. L. 119–21, § 70323(a)(3)(D)(i), substituted “net CFC tested income” for “global intangible low-taxed income”. - § 960(d)(2)(B): Pub. L. 119–21, § 70323(a)(3)(D)(ii), substituted “section 951A(b)(1)(A)” for “section 951A(c)(1)(A)”. - § 960(d)(4): Pub. L. 119–21, § 70312(b), added par. (4). ## § 1016: Adjustments to basis - § 1016(a)(14): Pub. L. 119–21 substituted “deductions under section 174 or 174A(c)” for “deductions as deferred expenses under section 174(b)(1) (relating to research and experimental expenditures)”. ## § 1062: Gain from the sale or exchange of qualified farmland property to qualified farmers - Enacted 26 U.S.C. § 1062. ## § 1063: Cross references - § 1063: Pub. L. 119–21 renumbered section 1062 of this title as this section. ## § 1202: Partial exclusion for gain from certain small business stock - § 1202(a)(1): Pub. L. 119–21, § 70431(a)(1), amended par. (1) generally. Prior to amendment, text read as follows: “In the case of a taxpayer other than a corporation, gross income shall not include 50 percent of any gain from the sale or exchange of qualified small business stock held for more than 5 years.” - § 1202(a)(3)(A): Pub. L. 119–21, § 70431(a)(5)(A), substituted “paragraph (1)(A)” for “paragraph (1)”. - § 1202(a)(4): Pub. L. 119–21, § 70431(a)(5)(B), which directed amendment of par. (4)(A) of subsec. (a) by inserting “and on or before the applicable date” after “2010”, was executed by making the insertion in introductory provisions of par. (4) to reflect the probable intent of Congress. - § 1202(a)(4)(A): Pub. L. 119–21, § 70431(a)(5)(A), substituted “paragraph (1)(A)” for “paragraph (1)”. - § 1202(a)(4): Pub. L. 119–21, § 70431(a)(4)(B), struck out subpar. (C) which read as follows: “paragraph (7) of section 57(a) shall not apply.” - § 1202(a)(5): Pub. L. 119–21, § 70431(a)(2), added par. (5). - § 1202(a)(6): Pub. L. 119–21, § 70431(a)(3), added par. (6). - § 1202(b)(1)(A): Pub. L. 119–21, § 70431(b)(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “$10,000,000 reduced by the aggregate amount of eligible gain taken into account by the taxpayer under subsection (a) for prior taxable years and attributable to dispositions of stock issued by such corporation, or”. - § 1202(b)(2): Pub. L. 119–21, § 70431(a)(5)(C), substituted “at least 3 years (more than 5 years in the case of stock acquired on or before the applicable date)” for “more than 5 years”. - § 1202(b)(3)(A): Pub. L. 119–21, § 70431(b)(3), amended subpar. (A) generally. Prior to amendment, text read as follows: “In the case of a separate return by a married individual, paragraph (1)(A) shall be applied by substituting ‘$5,000,000’ for ‘$10,000,000’.” - § 1202(b)(4): Pub. L. 119–21, § 70431(c)(2), added par. (4) relating to inflation adjustment. Paragraph was added as directed “at the end” of subsec. (b), and therefore after par. (5) of subsec. (b) as added by Pub. L. 119–21, § 70431(b)(2). See note below. - § 1202(b)(4): Pub. L. 119–21, § 70431(b)(2), added par. (4) relating to applicable dollar limit. - § 1202(b)(5): Pub. L. 119–21, § 70431(b)(2), added par. (5). - § 1202(d)(1)(A), § 1202(d)(1)(B): Pub. L. 119–21, § 70431(c)(1), substituted “$75,000,000” for “$50,000,000”. - § 1202(e)(2)(B): Pub. L. 119–21, § 70302(b)(11), substituted “which are treated as foreign research or experimental expenditures under section 174 or domestic research or experimental expenditures under section 174A” for “which may be treated as research and experimental expenditures under section 174”. - § 1202(g)(2)(A), § 1202(j)(1)(A): Pub. L. 119–21, § 70431(a)(5)(C), substituted “at least 3 years (more than 5 years in the case of stock acquired on or before the applicable date)” for “more than 5 years”. ## § 1245: Gain from dispositions of certain depreciable property - § 1245(a)(3)(G): Pub. L. 119–21 added subpar. (G). ## § 1371: Coordination with subchapter C - § 1371(d)(1): Pub. L. 119–21 substituted “section 50(a)(6)” for “section 50(a)(5)”. ## § 1400Z-1: Designation - § 1400Z-1(b)(3): Pub. L. 119–21, § 70421(a)(3), struck out par. (3). Text read as follows: “Each population census tract in Puerto Rico that is a low-income community shall be deemed to be certified and designated as a qualified opportunity zone, effective on the date of the enactment of Public Law 115–97.” - § 1400Z-1(c): Pub. L. 119–21, § 70421(b)(1), substituted “For purposes of this section—” for “For purposes of this subsection—” in introductory provisions, added par. (1), and struck out former par. (1). Prior to amendment, text read as follows: “The term ‘low-income community’ has the same meaning as when used in section 45D(e).” - § 1400Z-1(c)(2)(B): Pub. L. 119–21, § 70421(a)(1), substituted “beginning on the decennial determination date” for “beginning on the date of the enactment of the Tax Cuts and Jobs Act”. - § 1400Z-1(c)(2)(C): Pub. L. 119–21, § 70421(a)(2), added subpar. (C). - § 1400Z-1(d)(1): Pub. L. 119–21, § 70421(a)(4)(A), struck out “and subsection (b)(3)” after “by paragraph (2)” and inserted “during any period” after “the number of population census tracts in a State that may be designated as qualified opportunity zones under this section”. - § 1400Z-1(d)(2): Pub. L. 119–21, § 70421(a)(4)(B), inserted “during any period” before period at end. - § 1400Z-1(e): Pub. L. 119–21, § 70421(b)(3), amended subsec. (e) generally. Prior to amendment, text read as follows: “A designation as a qualified opportunity zone shall remain in effect for the period beginning on the date of the designation and ending at the close of the 10th calendar year beginning on or after such date of designation.” - § 1400Z-1(e): Pub. L. 119–21, § 70421(b)(2), redesignated subsec. (f) as (e) and struck out former subsec. (e) which related to designation of tracts contiguous with low-income communities. - § 1400Z-1: Pub. L. 119–21, § 70421(b)(2), redesignated subsec. (f) as (e). ## § 1400Z-2: Special rules for capital gains invested in opportunity zones - § 1400Z-2(a)(2): Pub. L. 119–21, § 70421(c)(1), amended par. (2) generally. Prior to amendment, text read as follows: “No election may be made under paragraph (1)— - § 1400Z-2(b): Pub. L. 119–21, § 70421(c)(2), amended subsec. (b) generally. Prior to amendment, subsec. (b) related to deferral of gain invested in opportunity zone property. - § 1400Z-2(c): Pub. L. 119–21, § 70421(c)(3), substituted “makes an election under this subsection, the basis of such investment shall be equal to—” and pars. (A) and (B) for “makes an election under this clause, the basis of such property shall be equal to the fair market value of such investment on the date that the investment is sold or exchanged.” - § 1400Z-2(d)(2)(B)(i)(I), § 1400Z-2(d)(2)(B)(i): Pub. L. 119–21, § 70421(c)(4)(B)(i), substituted “the applicable date” for “December 31, 2017,”. - § 1400Z-2(d)(2)(D)(i)(I): Pub. L. 119–21, § 70421(c)(4)(A), substituted “the applicable start date (as defined in section 1400Z–1(e)(2)) with respect to the qualified opportunity zone described in subclause (III)” for “December 31, 2017”. - § 1400Z-2(d)(2)(D)(ii): Pub. L. 119–21, § 70421(c)(4)(C), inserted “(50 percent of such adjusted basis in the case of property in a qualified opportunity zone comprised entirely of a rural area (as defined in subsection (b)(2)(C)(ii))” after “the adjusted basis of such property”. - § 1400Z-2(d)(2): Pub. L. 119–21, § 70421(c)(4)(B)(ii), added subpar. (E). ## § 2010: Unified credit against estate tax - § 2010(c)(3)(A): Pub. L. 119–21, § 70106(a)(1), substituted “$15,000,000” for “$5,000,000”. - § 2010(c)(3)(B): Pub. L. 119–21, § 70106(a)(2)(A), substituted “2026” for “2011” in introductory provisions. - § 2010(c)(3)(B)(ii): Pub. L. 119–21, § 70106(a)(2)(B), substituted “calendar year 2025” for “calendar year 2010”. - § 2010(c)(3): Pub. L. 119–21, § 70106(a)(3), struck out subpar. (C). Text read as follows: “In the case of estates of decedents dying or gifts made after December 31, 2017, and before January 1, 2026, subparagraph (A) shall be applied by substituting ‘$10,000,000’ for ‘$5,000,000’.” ## § 3134: Employee retention credit for employers subject to closure due to COVID–19 - § 3134(l): Pub. L. 119–21 amended subsec. (l) generally. Prior to amendment, text read as follows: “Notwithstanding section 6501, the limitation on the time period for the assessment of any amount attributable to a credit claimed under this section shall not expire before the date that is 5 years after the later of— ## § 3406: Backup withholding - § 3406(b)(6): Pub. L. 119–21, § 70433(d)(2), substituted “only where in excess of threshold” for “only where aggregate for calendar year is $600 or more” in heading. - § 3406(b)(6)(A): Pub. L. 119–21, § 70433(d)(1), substituted “the dollar amount in effect for such calendar year under section 6041(a)” for “$600”. - § 3406(b)(8): Pub. L. 119–21, § 70432(b)(1), added par. (8). ## § 4101: Registration and bond - § 4101(a)(1): Pub. L. 119–21, § 70521(i)(1), amended Pub. L. 117–169, § 13704(b)(5). See 2022 Amendment note below. ## § 4182: Exemptions - § 4182(a): Pub. L. 119–21 inserted at end “For purposes of the preceding sentence, any firearm described in section 5811(a)(2) shall be deemed to be a firearm on which the tax provided by section 5811 has been paid.” ## § 4475: Imposition of tax - Enacted 26 U.S.C. § 4475. ## § 4960: Tax on excess tax-exempt organization executive compensation - § 4960(c)(2): Pub. L. 119–21 amended par. (2) generally. Prior to amendment, text read as follows: “For purposes of this section, the term ‘covered employee’ means any employee (including any former employee) of an applicable tax-exempt organization if the employee— ## § 4968: Excise tax based on investment income of private colleges and universities - § 4968: Pub. L. 119–21 amended section generally. Prior to amendment, section consisted of subsecs. (a) to (d) relating to tax imposed, applicable educational institution, net investment income, and assets and net investment income of related organizations, respectively. ## § 4973: Tax on excess contributions to certain tax-favored accounts and annuities - § 4973(h)(1): Pub. L. 119–21 inserted “or contributions received in a qualified ABLE rollover contribution described in section 530A(d)(4)(B)” after “other than contributions under section 529A(c)(1)(C)”. ## § 5000A: Requirement to maintain minimum essential coverage - § 5000A(d)(3): Pub. L. 119–21 substituted “an eligible alien (within the meaning of section 36B(e)(2))” for “an alien lawfully present in the United States”. ## § 5811: Transfer tax - § 5811(a): Pub. L. 119–21 amended subsec. (a) generally. Prior to amendment, text read as follows: “There shall be levied, collected, and paid on firearms transferred a tax at the rate of $200 for each firearm transferred, except, the transfer tax on any firearm classified as any other weapon under section 5845(e) shall be at the rate of $5 for each such firearm transferred.” ## § 5821: Making tax - § 5821(a): Pub. L. 119–21 amended subsec. (a) generally. Prior to amendment, text read as follows: “There shall be levied, collected, and paid upon the making of a firearm a tax at the rate of $200 for each firearm made.” ## § 6011: General requirement of return, statement, or list - § 6011(e)(8): Pub. L. 119–21 added par. (8). ## § 6033: Returns by exempt organizations - § 6033(o), § 6033(p): Pub. L. 119–21 added subsec. (o) and redesignated former subsec. (o) as (p). ## § 6039K: Returns with respect to qualified opportunity funds and qualified rural opportunity funds - Enacted 26 U.S.C. § 6039K. ## § 6039L: Information required from qualified opportunity zone businesses and qualified rural opportunity zone businesses - Enacted 26 U.S.C. § 6039L. ## § 6041: Information at source - § 6041(a): Pub. L. 119–21, § 70433(e), substituted “exceeding threshold” for “of $600 or more” in heading and “calendar year” for “taxable year” in text. - § 6041(a): Pub. L. 119–21, § 70433(a), substituted “$2,000” for “$600”. - § 6041(a): Pub. L. 119–21, § 70202(c)(2)(A), which directed the insertion of “and a separate accounting of any amount of qualified overtime compensation (as defined in section 225(c))” after “occupation of the person receiving such tips”, was executed by making the insertion after “occupation described in section 224(d)(1) of the person receiving such tips”, to reflect the probable intent of Congress and the amendment by Pub. L. 119–21, § 70201(f)(1)(A). See note below. - § 6041(a): Pub. L. 119–21, § 70201(f)(1)(A), inserted “(including a separate accounting of any such amounts reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips)” after “such gains, profits, and income”. - § 6041(d)(3): Pub. L. 119–21, § 70201(f)(1)(B), added par. (3). - § 6041(d)(4): Pub. L. 119–21, § 70202(c)(2)(B), added par. (4). - § 6041(h): Pub. L. 119–21, § 70433(b), added subsec. (h). ## § 6041A: Returns regarding payments of remuneration for services and direct sales - § 6041A(a): Pub. L. 119–21, § 70201(f)(2)(A), inserted “(including a separate accounting of any such amounts reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips)” after “amount of such payments” in concluding provisions. - § 6041A(a)(2): Pub. L. 119–21, § 70433(c), substituted “equals or exceeds the dollar amount in effect for such calendar year under section 6041(a)” for “is $600 or more”. - § 6041A(e)(3): Pub. L. 119–21, § 70201(f)(2)(B), added par. (3). ## § 6050AA: Returns relating to applicable passenger vehicle loan interest received in trade or business from individuals - Enacted 26 U.S.C. § 6050AA. ## § 6050W: Returns relating to payments made in settlement of payment card and third party network transactions - § 6050W(a)(3): Pub. L. 119–21, § 70201(f)(3)(A), added par. (3). - § 6050W(e): Pub. L. 119–21, § 70432(a)(1), amended subsec. (e) generally. Prior to amendment, text read as follows: “A third party settlement organization shall not be required to report any information under subsection (a) with respect to third party network transactions of any participating payee if the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions does not exceed $600.” - § 6050W(f)(2): Pub. L. 119–21, § 70201(f)(3)(B), inserted “(including a separate accounting of any such amounts that have been reasonably designated by payors as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips)” after “reportable payment transactions”. ## § 6051: Receipts for employees - § 6051(a)(18): Pub. L. 119–21, § 70201(f)(4), added par. (18). - § 6051(a)(19): Pub. L. 119–21, § 70202(c)(1), added par. (19). ## § 6206: Special rules applicable to excessive claims under certain sections - § 6206: Pub. L. 119–21 substituted “6427, or 6435” for “or 6427” in two places and “6420, 6421, and 6435” for “6420 and 6421”. ## § 6213: Restrictions applicable to deficiencies; petition to Tax Court - § 6213(g)(2)(I): Pub. L. 119–21, § 70104(e), substituted “section 24” for “section 24(e)”. - § 6213(g)(2)(J): Pub. L. 119–21, § 70606(b), substituted “social security number or employer identification number” for “TIN”. - § 6213(g)(2)(W): Pub. L. 119–21, § 70103(b), added subpar. (W). - § 6213(g)(2)(X): Pub. L. 119–21, § 70119(b), added subpar. (X). - § 6213(g)(2)(Y): Pub. L. 119–21, § 70201(c), added subpar. (Y). - § 6213(g)(2)(Z): Pub. L. 119–21, § 70202(d), added subpar. (Z). - § 6213(g)(2)(AA): Pub. L. 119–21, § 70204(d)(3), added subpar. (AA). ## § 6417: Elective payment of applicable credits - § 6417(d)(3)(C)(i)(II)(bb): Pub. L. 119–21, § 70522(c), substituted “section 45Q(a)(3)(A)” for “paragraph (3)(A) or (4)(A) of section 45Q(a)”. - § 6417(d)(6)(D): Pub. L. 119–21, § 70512(j)(2), added subpar. (D). ## § 6418: Transfer of certain credits - § 6418(f)(1)(A)(xii): Pub. L. 119–21, § 70521(j)(2), added cl. (xii). - § 6418(g)(3): Pub. L. 119–21, § 70513(b)(3)(B)(ii), substituted “subsection (a)(7)” for “subsection (a)(5)” in subpars. (A) and (B). - § 6418(g)(5): Pub. L. 119–21, § 70512(h), added par. (5). ## § 6426: Credit for alcohol fuel, biodiesel, and alternative fuel mixtures - § 6426(k)(4): Pub. L. 119–21, § 70521(g)(1)(A), added par. (4). - § 6426(k)(5): Pub. L. 119–21, § 70521(h), added par. (5). ## § 6430: Treatment of tax imposed at Leaking Underground Storage Tank Trust Fund financing rate - § 6430(4): Pub. L. 119–21 added par. (4). ## § 6434: Trump accounts contribution pilot program - Enacted 26 U.S.C. § 6434. ## § 6435: Dyed fuel - Enacted 26 U.S.C. § 6435. ## § 6501: Limitations on assessment and collection - § 6501(o), § 6501(p): Pub. L. 119–21 added subsec. (o) and redesignated former subsec. (o) as (p). ## § 6659: Improper claim for Trump account contribution pilot program credit - Enacted 26 U.S.C. § 6659. ## § 6662: Imposition of accuracy-related penalty on underpayments - § 6662(m): Pub. L. 119–21 added subsec. (m). ## § 6675: Excessive claims with respect to the use of certain fuels - § 6675(a): Pub. L. 119–21, § 70525(b)(3)(A), substituted “6427 (relating to fuels not used for taxable purposes), or 6435 (relating to eligible indelibly dyed fuel)” for “or 6427 (relating to fuels not used for taxable purposes)” in introductory provisions. - § 6675(b)(1): Pub. L. 119–21, § 70525(b)(3)(B), substituted “6421, 6427, or 6435,” for “6421, or 6427,”. ## § 6676: Erroneous claim for refund or credit - § 6676(a): Pub. L. 119–21 substituted “income or employment tax” for “income tax”. ## § 6693: Failure to provide reports on certain tax-favored accounts or annuities; penalties relating to designated nondeductible contributions - § 6693(a)(2)(G): Pub. L. 119–21 added subpar. (G). ## § 6695B: Penalty for substantial misstatements on certification provided by supplier - Enacted 26 U.S.C. § 6695B. ## § 6696: Rules applicable with respect to sections 6694, 6695, 6695A, and 6695B - § 6696: Pub. L. 119–21, § 70512(k)(2)(A)(i), (ii), substituted “6695A, and 6695B” for “and 6695A” in section catchline and wherever appearing in text. - § 6696(c): Pub. L. 119–21, § 70512(k)(2)(A)(iii), substituted “6695A, or 6695B” for “or 6695A”. - § 6696(d)(1): Pub. L. 119–21, § 70512(k)(2)(A)(iv)(I), inserted “(or, in the case of any penalty under section 6695B, 6 years)” after “assessed within 3 years”. - § 6696(d)(2): Pub. L. 119–21, § 70512(k)(2)(A)(iv)(II), inserted “(or, in the case of any claim for refund of an overpayment of any penalty assessed under section 6695B, 6 years)” after “filed within 3 years”. ## § 6724: Waiver; definitions and special rules - § 6724(d)(1)(B)(xxix): Pub. L. 119–21, § 70203(c)(2)(A), added cl. (xxix). - § 6724(d)(2)(MM): Pub. L. 119–21, § 70203(c)(2)(B), added subpar. (MM). - § 6724(d)(2)(NN), § 6724(d)(2)(OO): Pub. L. 119–21, § 70421(d)(2)(B), added subpars. (NN) and (OO). ## § 6726: Failure to comply with information reporting requirements relating to qualified opportunity funds and qualified rural opportunity funds - Enacted 26 U.S.C. § 6726. ## § 7652: Shipments to the United States - § 7652(f)(1): Pub. L. 119–21 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “$10.50 ($13.25 in the case of distilled spirits brought into the United States after June 30, 1999, and before January 1, 2022), or”. ## § 7701: Definitions - § 7701(a)(51), § 7701(a)(52): Pub. L. 119–21 added pars. (51) and (52). ## § 7704: Certain publicly traded partnerships treated as corporations - § 7704(d)(1)(E): Pub. L. 119–21 substituted “gains derived from—” for “gains derived from”, inserted cl. (i) designation before “the exploration”, inserted “or” before “industrial source”, and substituted cls. (ii) to (vi) for “or the transportation or storage of any fuel described in subsection (b), (c), (d), or (e) of section 6426, or any alcohol fuel defined in section 6426(b)(4)(A) or any biodiesel fuel as defined in section 40A(d)(1),”.