The date of enactment of this section, referred to in subsec. (c)(14)(B)(ii), is the date of enactment of Pub. L. 117–169, which was approved Aug. 16, 2022.

2025—Subsec. (c)(13)(A). Pub. L. 119–21, § 70523(a)(1), added subpar. (A) and struck out former subpar. (A) which read as follows: “reduced by depreciation deductions allowed under section 167 with respect to property to which section 168 applies to the extent of the amount allowed as deductions in computing taxable income for the taxable year, and”.

Subsec. (c)(13)(B)(i). Pub. L. 119–21, § 70523(a)(2), added cl. (i) and struck out former cl (i) which read as follows: “to disregard any amount of depreciation expense that is taken into account on the taxpayer’s applicable financial statement with respect to such property, and”.

Pub. L. 119–21, title VII, § 70523(b), July 4, 2025, 139 Stat. 281, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2025.”

Section applicable to taxable years beginning after Dec. 31, 2022, see section 10101(f) of Pub. L. 117–169, set out as an Effective Date of 2022 Amendment note under section 11 of this title.