Page 88 - Tax Reform

131 STAT. 2138 PUBLIC LAW 115–97—DEC. 22, 2017

(3) CLERICAL AMENDMENT.—The table of sections for sub-
26 USC prec. 38. part D of part IV of subchapter A of chapter 1 is amended
by adding at the end the following new item:

‘‘Sec. 45S. Employer credit for paid family and medical leave.’’.
26 USC 38 note. (e) EFFECTIVE DATE.—The amendments made by this section
shall apply to wages paid in taxable years beginning after December
31, 2017.
SEC. 13404. REPEAL OF TAX CREDIT BONDS.
26 USC prec. 21, (a) IN GENERAL.—Part IV of subchapter A of chapter 1 is
prec. 54, 54, amended by striking subparts H, I, and J (and by striking the
prec. 54A, items relating to such subparts in the table of subparts for such
54A–54F,
prec. 54AA, part).
54AA. (b) PAYMENTS TO ISSUERS.—Subchapter B of chapter 65 is
26 USC amended by striking section 6431 (and by striking the item relating
prec. 6411.
to such section in the table of sections for such subchapter).
(c) CONFORMING AMENDMENTS.—
(1) Part IV of subchapter U of chapter 1 is amended by
26 USC striking section 1397E (and by striking the item relating to
prec. 1397E. such section in the table of sections for such part).
(2) Section 54(l)(3)(B) is amended by inserting ‘‘(as in effect
before its repeal by the Tax Cuts and Jobs Act)’’ after ‘‘section
1397E(I)’’.
(3) Section 6211(b)(4)(A) is amended by striking ‘‘, and
6431’’ and inserting ‘‘and’’ before ‘‘36B’’.
(4) Section 6401(b)(1) is amended by striking ‘‘G, H, I,
and J’’ and inserting ‘‘and G’’.
26 USC 54 note. (d) EFFECTIVE DATE.—The amendments made by this section
shall apply to bonds issued after December 31, 2017.
PART VI—PROVISIONS RELATED TO SPECIFIC
ENTITIES AND INDUSTRIES

Subpart A—Partnership Provisions

SEC. 13501. TREATMENT OF GAIN OR LOSS OF FOREIGN PERSONS
FROM SALE OR EXCHANGE OF INTERESTS IN PARTNER-
SHIPS ENGAGED IN TRADE OR BUSINESS WITHIN THE
UNITED STATES.
(a) AMOUNT TREATED AS EFFECTIVELY CONNECTED.—
(1) IN GENERAL.—Section 864(c) is amended by adding at
the end the following:
‘‘(8) GAIN OR LOSS OF FOREIGN PERSONS FROM SALE OR
EXCHANGE OF CERTAIN PARTNERSHIP INTERESTS.—
‘‘(A) IN GENERAL.—Notwithstanding any other provi-
sion of this subtitle, if a nonresident alien individual or
foreign corporation owns, directly or indirectly, an interest
in a partnership which is engaged in any trade or business
within the United States, gain or loss on the sale or
exchange of all (or any portion of) such interest shall be
treated as effectively connected with the conduct of such
trade or business to the extent such gain or loss does
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not exceed the amount determined under subparagraph
(B).