Page 58 - Tax Reform

131 STAT. 2108 PUBLIC LAW 115–97—DEC. 22, 2017

paragraphs (1)(A) and (5)(A)(i) shall be applied by sub-
stituting ‘50 percent’ for ‘the applicable percentage’.
‘‘(B) FORM OF ELECTION.—Any election under this para-
graph shall be made at such time and in such form and
manner as the Secretary may prescribe.’’.
(f) COORDINATION WITH SECTION 280F.—Clause (iii) of section
26 USC 168. 168(k)(2)(F) is amended by striking ‘‘placed in service by the tax-
payer after December 31, 2017’’ and inserting ‘‘acquired by the
taxpayer before September 28, 2017, and placed in service by the
taxpayer after September 27, 2017’’.
(g) QUALIFIED FILM AND TELEVISION AND LIVE THEATRICAL
PRODUCTIONS.—
(1) IN GENERAL.—Clause (i) of section 168(k)(2)(A), as
amended by section 13204, is amended—
(A) in subclause (II), by striking ‘‘or’’,
(B) in subclause (III), by adding ‘‘or’’ after the comma,
and
(C) by adding at the end the following:
‘‘(IV) which is a qualified film or television produc-
tion (as defined in subsection (d) of section 181) for
which a deduction would have been allowable under
section 181 without regard to subsections (a)(2) and
(g) of such section or this subsection, or
‘‘(V) which is a qualified live theatrical production
(as defined in subsection (e) of section 181) for which
a deduction would have been allowable under section
181 without regard to subsections (a)(2) and (g) of
such section or this subsection,’’.
(2) PRODUCTION PLACED IN SERVICE.—Paragraph (2) of sec-
tion 168(k) is amended by adding at the end the following:
‘‘(H) PRODUCTION PLACED IN SERVICE.—For purposes
of subparagraph (A)—
‘‘(i) a qualified film or television production shall
be considered to be placed in service at the time of
initial release or broadcast, and
‘‘(ii) a qualified live theatrical production shall be
considered to be placed in service at the time of the
initial live staged performance.’’.
26 USC 168 note. (h) EFFECTIVE DATE.—
(1) IN GENERAL.—Except as provided by paragraph (2),
the amendments made by this section shall apply to property
which—
(A) is acquired after September 27, 2017, and
(B) is placed in service after such date.
For purposes of the preceding sentence, property shall not
be treated as acquired after the date on which a written binding
contract is entered into for such acquisition.
(2) SPECIFIED PLANTS.—The amendments made by this sec-
tion shall apply to specified plants planted or grafted after
September 27, 2017.
SEC. 13202. MODIFICATIONS TO DEPRECIATION LIMITATIONS ON
LUXURY AUTOMOBILES AND PERSONAL USE PROPERTY.
(a) LUXURY AUTOMOBILES.—
(1) IN GENERAL.—280F(a)(1)(A) is amended—
dkrause on DSKBC28HB2PROD with PUBLAWS VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00056 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097
(A) in clause (i), by striking ‘‘$2,560’’ and inserting
‘‘$10,000’’,