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131 STAT. 2087 PUBLIC LAW 115–97—DEC. 22, 2017 beginning after December 31, 2025, the limitation under subparagraph (B)(ii) shall be applied to the aggregate amount of indebtedness of the taxpayer described in subparagraph (B)(i) without regard to the taxable year in which the indebtedness was incurred. ‘‘(iii) TREATMENT OF REFINANCINGS OF INDEBTED- NESS.— ‘‘(I) IN GENERAL.—In the case of any indebted- ness which is incurred to refinance indebtedness, such refinanced indebtedness shall be treated for purposes of clause (i)(III) as incurred on the date that the original indebtedness was incurred to the extent the amount of the indebtedness resulting from such refinancing does not exceed the amount of the refinanced indebtedness. ‘‘(II) LIMITATION ON PERIOD OF REFINANCING.— Subclause (I) shall not apply to any indebtedness after the expiration of the term of the original indebtedness or, if the principal of such original indebtedness is not amortized over its term, the expiration of the term of the 1st refinancing of such indebtedness (or if earlier, the date which is 30 years after the date of such 1st refinancing). ‘‘(iv) COORDINATION WITH EXCLUSION OF INCOME FROM DISCHARGE OF INDEBTEDNESS.—Section 108(h)(2) shall be applied without regard to this subparagraph.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. SEC. 11044. MODIFICATION OF DEDUCTION FOR PERSONAL CASUALTY LOSSES. (a) IN GENERAL.—Subsection (h) of section 165 is amended by adding at the end the following new paragraph: ‘‘(5) LIMITATION FOR TAXABLE YEARS 2018 THROUGH 2025.— ‘‘(A) IN GENERAL.—In the case of an individual, except as provided in subparagraph (B), any personal casualty loss which (but for this paragraph) would be deductible in a taxable year beginning after December 31, 2017, and before January 1, 2026, shall be allowed as a deduction under subsection (a) only to the extent it is attributable to a Federally declared disaster (as defined in subsection (i)(5)). ‘‘(B) EXCEPTION RELATED TO PERSONAL CASUALTY GAINS.—If a taxpayer has personal casualty gains for any taxable year to which subparagraph (A) applies— ‘‘(i) subparagraph (A) shall not apply to the portion of the personal casualty loss not attributable to a Fed- erally declared disaster (as so defined) to the extent such loss does not exceed such gains, and ‘‘(ii) in applying paragraph (2) for purposes of subparagraph (A) to the portion of personal casualty loss which is so attributable to such a disaster, the amount of personal casualty gains taken into account under paragraph (2)(A) shall be reduced by the portion of such gains taken into account under clause (i).’’. 26 USC 165. 26 USC 163 note. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00035 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS