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131 STAT. 2107 PUBLIC LAW 115–97—DEC. 22, 2017 (I) in clause (i)(II), by striking ‘‘January 1, 2021’’ and inserting ‘‘January 1, 2028’’, and (II) in the heading of clause (ii), by striking ‘‘PRE-JANUARY 1, 2020’’ and inserting ‘‘PRE-JANUARY 1, 2027’’, and (B) in paragraph (5)(A), by striking ‘‘January 1, 2020’’ and inserting ‘‘January 1, 2027’’. (2) CONFORMING AMENDMENTS.— (A) Clause (ii) of section 460(c)(6)(B) is amended by striking ‘‘January 1, 2020 (January 1, 2021’’ and inserting ‘‘January 1, 2027 (January 1, 2028’’. (B) The heading of section 168(k) is amended by striking ‘‘ACQUIRED AFTER DECEMBER 31, 2007, AND BEFORE JANUARY 1, 2020’’. (c) APPLICATION TO USED PROPERTY.— (1) IN GENERAL.—Section 168(k)(2)(A)(ii) is amended to read as follows: ‘‘(ii) the original use of which begins with the taxpayer or the acquisition of which by the taxpayer meets the requirements of clause (ii) of subparagraph (E), and’’. (2) ACQUISITION REQUIREMENTS.—Section 168(k)(2)(E)(ii) is amended to read as follows: ‘‘(ii) ACQUISITION REQUIREMENTS.—An acquisition of property meets the requirements of this clause if— ‘‘(I) such property was not used by the tax- payer at any time prior to such acquisition, and ‘‘(II) the acquisition of such property meets the requirements of paragraphs (2)(A), (2)(B), (2)(C), and (3) of section 179(d).’’, (3) ANTI-ABUSE RULES.—Section 168(k)(2)(E) is further amended by amending clause (iii)(I) to read as follows: ‘‘(I) property is used by a lessor of such prop- erty and such use is the lessor’s first use of such property,’’. (d) EXCEPTION FOR CERTAIN PROPERTY.—Section 168(k), as amended by this section, is amended by adding at the end the following new paragraph: ‘‘(9) EXCEPTION FOR CERTAIN PROPERTY.—The term ‘quali- fied property’ shall not include— ‘‘(A) any property which is primarily used in a trade or business described in clause (iv) of section 163(j)(7)(A), or ‘‘(B) any property used in a trade or business that has had floor plan financing indebtedness (as defined in paragraph (9) of section 163(j)), if the floor plan financing interest related to such indebtedness was taken into account under paragraph (1)(C) of such section.’’. (e) SPECIAL RULE.—Section 168(k), as amended by this section, is amended by adding at the end the following new paragraph: ‘‘(10) SPECIAL RULE FOR PROPERTY PLACED IN SERVICE DURING CERTAIN PERIODS.— ‘‘(A) IN GENERAL.—In the case of qualified property placed in service by the taxpayer during the first taxable year ending after September 27, 2017, if the taxpayer elects to have this paragraph apply for such taxable year, 26 USC 460. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00055 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS