Page 83 - Tax Reform

PUBLIC LAW 115–97—DEC. 22, 2017 131 STAT. 2133

(1) IN GENERAL.—Except as provided in paragraph (2), the
amendments made by this section shall apply to contributions
made after the date of enactment of this Act.
(2) EXCEPTION.—The amendments made by this section
shall not apply to any contribution, made after the date of
enactment of this Act by a governmental entity, which is made
pursuant to a master development plan that has been approved
prior to such date by a governmental entity.
SEC. 13313. REPEAL OF ROLLOVER OF PUBLICLY TRADED SECURITIES
GAIN INTO SPECIALIZED SMALL BUSINESS INVESTMENT
COMPANIES.
(a) IN GENERAL.—Part III of subchapter O of chapter 1 is
amended by striking section 1044 (and by striking the item relating 26 USC
to such section in the table of sections of such part). prec. 1031.
(b) CONFORMING AMENDMENTS.—Section 1016(a)(23) is
amended—
(1) by striking ‘‘1044,’’, and
(2) by striking ‘‘1044(d),’’.
(c) EFFECTIVE DATE.—The amendments made by this section 26 USC 1016
shall apply to sales after December 31, 2017. note.
SEC. 13314. CERTAIN SELF-CREATED PROPERTY NOT TREATED AS A
CAPITAL ASSET.
(a) PATENTS, ETC.—Section 1221(a)(3) is amended by inserting
‘‘a patent, invention, model or design (whether or not patented),
a secret formula or process,’’ before ‘‘a copyright’’.
(b) CONFORMING AMENDMENT.—Section 1231(b)(1)(C) is
amended by inserting ‘‘a patent, invention, model or design (whether
or not patented), a secret formula or process,’’ before ‘‘a copyright’’.
(c) EFFECTIVE DATE.—The amendments made by this section 26 USC 1221
shall apply to dispositions after December 31, 2017. note.

PART V—BUSINESS CREDITS
SEC. 13401. MODIFICATION OF ORPHAN DRUG CREDIT.
(a) CREDIT RATE.—Subsection (a) of section 45C is amended
by striking ‘‘50 percent’’ and inserting ‘‘25 percent’’.
(b) ELECTION OF REDUCED CREDIT.—Subsection (b) of section
280C is amended by redesignating paragraph (3) as paragraph
(4) and by inserting after paragraph (2) the following new para-
graph:
‘‘(3) ELECTION OF REDUCED CREDIT.—
‘‘(A) IN GENERAL.—In the case of any taxable year
for which an election is made under this paragraph—
‘‘(i) paragraphs (1) and (2) shall not apply, and
‘‘(ii) the amount of the credit under section 45C(a)
shall be the amount determined under subparagraph
(B).
‘‘(B) AMOUNT OF REDUCED CREDIT.—The amount of
credit determined under this subparagraph for any taxable
year shall be the amount equal to the excess of—
‘‘(i) the amount of credit determined under section
45C(a) without regard to this paragraph, over
‘‘(ii) the product of—
‘‘(I) the amount described in clause (i), and
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‘‘(II) the maximum rate of tax under section
11(b).