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131 STAT. 2133 PUBLIC LAW 115–97—DEC. 22, 2017 (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to contributions made after the date of enactment of this Act. (2) EXCEPTION.—The amendments made by this section shall not apply to any contribution, made after the date of enactment of this Act by a governmental entity, which is made pursuant to a master development plan that has been approved prior to such date by a governmental entity. SEC. 13313. REPEAL OF ROLLOVER OF PUBLICLY TRADED SECURITIES GAIN INTO SPECIALIZED SMALL BUSINESS INVESTMENT COMPANIES. (a) IN GENERAL.—Part III of subchapter O of chapter 1 is amended by striking section 1044 (and by striking the item relating to such section in the table of sections of such part). (b) CONFORMING AMENDMENTS.—Section 1016(a)(23) is amended— (1) by striking ‘‘1044,’’, and (2) by striking ‘‘1044(d),’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to sales after December 31, 2017. SEC. 13314. CERTAIN SELF-CREATED PROPERTY NOT TREATED AS A CAPITAL ASSET. (a) PATENTS, ETC.—Section 1221(a)(3) is amended by inserting ‘‘a patent, invention, model or design (whether or not patented), a secret formula or process,’’ before ‘‘a copyright’’. (b) CONFORMING AMENDMENT.—Section 1231(b)(1)(C) is amended by inserting ‘‘a patent, invention, model or design (whether or not patented), a secret formula or process,’’ before ‘‘a copyright’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to dispositions after December 31, 2017. PART V—BUSINESS CREDITS SEC. 13401. MODIFICATION OF ORPHAN DRUG CREDIT. (a) CREDIT RATE.—Subsection (a) of section 45C is amended by striking ‘‘50 percent’’ and inserting ‘‘25 percent’’. (b) ELECTION OF REDUCED CREDIT.—Subsection (b) of section 280C is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new para- graph: ‘‘(3) ELECTION OF REDUCED CREDIT.— ‘‘(A) IN GENERAL.—In the case of any taxable year for which an election is made under this paragraph— ‘‘(i) paragraphs (1) and (2) shall not apply, and ‘‘(ii) the amount of the credit under section 45C(a) shall be the amount determined under subparagraph (B). ‘‘(B) AMOUNT OF REDUCED CREDIT.—The amount of credit determined under this subparagraph for any taxable year shall be the amount equal to the excess of— ‘‘(i) the amount of credit determined under section 45C(a) without regard to this paragraph, over ‘‘(ii) the product of— ‘‘(I) the amount described in clause (i), and ‘‘(II) the maximum rate of tax under section 11(b). 26 USC 1221 note. 26 USC 1016 note. 26 USC prec. 1031. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00081 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS