Page 84 - Tax Reform

131 STAT. 2134 PUBLIC LAW 115–97—DEC. 22, 2017

‘‘(C) ELECTION.—An election under this paragraph for
any taxable year shall be made not later than the time
for filing the return of tax for such year (including exten-
sions), shall be made on such return, and shall be made
in such manner as the Secretary shall prescribe. Such
an election, once made, shall be irrevocable.’’.
26 USC 45C note. (c) EFFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2017.
SEC. 13402. REHABILITATION CREDIT LIMITED TO CERTIFIED HIS-
TORIC STRUCTURES.
26 USC 47. (a) IN GENERAL.—Subsection (a) of section 47 is amended to
read as follows:
‘‘(a) GENERAL RULE.—
‘‘(1) IN GENERAL.—For purposes of section 46, for any tax-
able year during the 5-year period beginning in the taxable
year in which a qualified rehabilitated building is placed in
service, the rehabilitation credit for such year is an amount
equal to the ratable share for such year.
‘‘(2) RATABLE SHARE.—For purposes of paragraph (1), the
ratable share for any taxable year during the period described
in such paragraph is the amount equal to 20 percent of the
qualified rehabilitation expenditures with respect to the quali-
fied rehabilitated building, as allocated ratably to each year
during such period.’’.
(b) CONFORMING AMENDMENTS.—
(1) Section 47(c) is amended—
(A) in paragraph (1)—
(i) in subparagraph (A), by amending clause (iii)
to read as follows:
‘‘(iii) such building is a certified historic structure,
and’’,
(ii) by striking subparagraph (B), and
(iii) by redesignating subparagraphs (C) and (D)
as subparagraphs (B) and (C), respectively, and
(B) in paragraph (2)(B), by amending clause (iv) to
read as follows:
‘‘(iv) CERTIFIED HISTORIC STRUCTURE.—Any
expenditure attributable to the rehabilitation of a
qualified rehabilitated building unless the rehabilita-
tion is a certified rehabilitation (within the meaning
of subparagraph (C)).’’.
(2) Paragraph (4) of section 145(d) is amended—
(A) by striking ‘‘of section 47(c)(1)(C)’’ each place it
appears and inserting ‘‘of section 47(c)(1)(B)’’, and
(B) by striking ‘‘section 47(c)(1)(C)(i)’’ and inserting
‘‘section 47(c)(1)(B)(i)’’.
26 USC 47 note. (c) EFFECTIVE DATE.—
(1) IN GENERAL.—Except as provided in paragraph (2), the
amendments made by this section shall apply to amounts paid
or incurred after December 31, 2017.
(2) TRANSITION RULE.—In the case of qualified rehabilita-
tion expenditures with respect to any building—
(A) owned or leased by the taxpayer during the entirety
of the period after December 31, 2017, and
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(B) with respect to which the 24-month period selected
by the taxpayer under clause (i) of section 47(c)(1)(B) of