Page 63 - Tax Reform

PUBLIC LAW 115–97—DEC. 22, 2017 131 STAT. 2113

‘‘(B) the amount allowable as a deduction for such
taxable year for qualified research expenses or basic
research expenses,
the amount chargeable to capital account for the taxable year
for such expenses shall be reduced by the amount of such
excess.’’,
(B) by striking paragraph (2),
(C) by redesignating paragraphs (3) (as amended by
this Act) and (4) as paragraphs (2) and (3), respectively,
and
(D) in paragraph (2), as redesignated by subparagraph
(C), by striking ‘‘paragraphs (1) and (2)’’ and inserting
‘‘paragraph (1)’’.
(e) EFFECTIVE DATE.—The amendments made by this section 26 USC 41 note.
shall apply to amounts paid or incurred in taxable years beginning
after December 31, 2021.
SEC. 13207. EXPENSING OF CERTAIN COSTS OF REPLANTING CITRUS
PLANTS LOST BY REASON OF CASUALTY.
(a) IN GENERAL.—Section 263A(d)(2) is amended by adding 26 USC 263A.
at the end the following new subparagraph:
‘‘(C) SPECIAL TEMPORARY RULE FOR CITRUS PLANTS LOST
BY REASON OF CASUALTY.—
‘‘(i) IN GENERAL.—In the case of the replanting
of citrus plants, subparagraph (A) shall apply to
amounts paid or incurred by a person (other than
the taxpayer described in subparagraph (A)) if—
‘‘(I) the taxpayer described in subparagraph
(A) has an equity interest of not less than 50
percent in the replanted citrus plants at all times
during the taxable year in which such amounts
were paid or incurred and such other person holds
any part of the remaining equity interest, or
‘‘(II) such other person acquired the entirety
of such taxpayer’s equity interest in the land on
which the lost or damaged citrus plants were
located at the time of such loss or damage, and
the replanting is on such land.
‘‘(ii) TERMINATION.—Clause (i) shall not apply to
any cost paid or incurred after the date which is 10
years after the date of the enactment of the Tax Cuts
and Jobs Act.’’.
(b) EFFECTIVE DATE.—The amendment made by this section 26 USC 263A
shall apply to costs paid or incurred after the date of the enactment note.
of this Act.

Subpart B—Accounting Methods

SEC. 13221. CERTAIN SPECIAL RULES FOR TAXABLE YEAR OF INCLU-
SION.
(a) INCLUSION NOT LATER THAN FOR FINANCIAL ACCOUNTING
PURPOSES.—Section 451 is amended by redesignating subsections
(b) through (i) as subsections (c) through (j), respectively, and by
inserting after subsection (a) the following new subsection:
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‘‘(b) INCLUSION NOT LATER THAN FOR FINANCIAL ACCOUNTING
PURPOSES.—