(a)The amendments made by Section 13303(a) and (b) of the…#
(a) The amendments made by Section 13303(a) and (b) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97) to Section 1031 of the Internal Revenue Code, relating to exchange of real property held for productive use or investment, shall apply, except as otherwise provided in this section.
(b)(1)#
(b) (1) (A) In the case of a taxpayer who is a head of household, a surviving spouse, or spouses filing a joint return, this section shall only apply to those taxpayers with adjusted gross income, as defined in Section 17072, of five hundred thousand dollars ($500,000) or more for the taxable year in which the exchange begins.
(B) In the case of a taxpayer filing an individual return, this section shall only apply to those taxpayers with adjusted gross income, as defined in Section 17072, of two hundred fifty thousand dollars ($250,000) or more for the taxable year in which the exchange begins.
(2) This subdivision shall not apply for taxable years beginning on or after January 1, 2025.