Page 44 - Tax Reform

131 STAT. 2094 PUBLIC LAW 115–97—DEC. 22, 2017

26 USC 11. (11) Section 11(d) is amended by striking ‘‘the taxes
imposed by subsection (a) and section 55’’ and inserting ‘‘the
tax imposed by subsection (a)’’.
(12) Section 12 is amended by striking paragraph (7).
(13) Section 168(k) is amended by striking paragraph (4).
(14) Section 882(a)(1) is amended by striking ‘‘, 55,’’.
(15) Section 962(a)(1) is amended by striking ‘‘sections 11
and 55’’ and inserting ‘‘section 11’’.
(16) Section 1561(a) is amended—
(A) by inserting ‘‘and’’ at the end of paragraph (1),
by striking ‘‘, and’’ at the end of paragraph (2) and inserting
a period, and by striking paragraph (3), and
(B) by striking the last sentence.
(17) Section 6425(c)(1)(A) is amended to read as follows:
‘‘(A) the tax imposed by section 11 or 1201(a), or sub-
chapter L of chapter 1, whichever is applicable, over’’.
(18) Section 6655(e)(2) is amended by striking ‘‘and alter-
native minimum taxable income’’ each place it appears in sub-
paragraphs (A) and (B)(i).
(19) Section 6655(g)(1)(A) is amended by inserting ‘‘plus’’
at the end of clause (i), by striking clause (ii), and by redesig-
nating clause (iii) as clause (ii).
26 USC 11 note. (c) EFFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2017.
SEC. 12002. CREDIT FOR PRIOR YEAR MINIMUM TAX LIABILITY OF
CORPORATIONS.
(a) CREDITS TREATED AS REFUNDABLE.—Section 53 is amended
by adding at the end the following new subsection:
‘‘(e) PORTION OF CREDIT TREATED AS REFUNDABLE.—
‘‘(1) IN GENERAL.—In the case of any taxable year of a
corporation beginning in 2018, 2019, 2020, or 2021, the limita-
tion under subsection (c) shall be increased by the AMT refund-
able credit amount for such year.
‘‘(2) AMT REFUNDABLE CREDIT AMOUNT.—For purposes of
paragraph (1), the AMT refundable credit amount is an amount
equal to 50 percent (100 percent in the case of a taxable
year beginning in 2021) of the excess (if any) of—
‘‘(A) the minimum tax credit determined under sub-
section (b) for the taxable year, over
‘‘(B) the minimum tax credit allowed under subsection
(a) for such year (before the application of this subsection
for such year).
‘‘(3) CREDIT REFUNDABLE.—For purposes of this title (other
than this section), the credit allowed by reason of this sub-
section shall be treated as a credit allowed under subpart
C (and not this subpart).
‘‘(4) SHORT TAXABLE YEARS.—In the case of any taxable
year of less than 365 days, the AMT refundable credit amount
determined under paragraph (2) with respect to such taxable
year shall be the amount which bears the same ratio to such
amount determined without regard to this paragraph as the
number of days in such taxable year bears to 365.’’.
(b) TREATMENT OF REFERENCES.—Section 53(d) is amended by
adding at the end the following new paragraph:
dkrause on DSKBC28HB2PROD with PUBLAWS VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00042 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097
‘‘(3) AMT TERM REFERENCES.—In the case of a corporation,
any references in this subsection to section 55, 56, or 57 shall