The amendments to Section 367(a) of the Internal Revenue Code as enacted by Section 14102 of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), relating to repeal of the exception for transfers of certain property used in the active conduct of a trade or business, shall not apply.

(Added by Stats. 2025, Ch. 231, Sec. 46. (SB 711) Effective October 1, 2025.)