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131 STAT. 2134 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(C) ELECTION.—An election under this paragraph for any taxable year shall be made not later than the time for filing the return of tax for such year (including exten- sions), shall be made on such return, and shall be made in such manner as the Secretary shall prescribe. Such an election, once made, shall be irrevocable.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. SEC. 13402. REHABILITATION CREDIT LIMITED TO CERTIFIED HIS- TORIC STRUCTURES. (a) IN GENERAL.—Subsection (a) of section 47 is amended to read as follows: ‘‘(a) GENERAL RULE.— ‘‘(1) IN GENERAL.—For purposes of section 46, for any tax- able year during the 5-year period beginning in the taxable year in which a qualified rehabilitated building is placed in service, the rehabilitation credit for such year is an amount equal to the ratable share for such year. ‘‘(2) RATABLE SHARE.—For purposes of paragraph (1), the ratable share for any taxable year during the period described in such paragraph is the amount equal to 20 percent of the qualified rehabilitation expenditures with respect to the quali- fied rehabilitated building, as allocated ratably to each year during such period.’’. (b) CONFORMING AMENDMENTS.— (1) Section 47(c) is amended— (A) in paragraph (1)— (i) in subparagraph (A), by amending clause (iii) to read as follows: ‘‘(iii) such building is a certified historic structure, and’’, (ii) by striking subparagraph (B), and (iii) by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C), respectively, and (B) in paragraph (2)(B), by amending clause (iv) to read as follows: ‘‘(iv) CERTIFIED HISTORIC STRUCTURE.—Any expenditure attributable to the rehabilitation of a qualified rehabilitated building unless the rehabilita- tion is a certified rehabilitation (within the meaning of subparagraph (C)).’’. (2) Paragraph (4) of section 145(d) is amended— (A) by striking ‘‘of section 47(c)(1)(C)’’ each place it appears and inserting ‘‘of section 47(c)(1)(B)’’, and (B) by striking ‘‘section 47(c)(1)(C)(i)’’ and inserting ‘‘section 47(c)(1)(B)(i)’’. (c) EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to amounts paid or incurred after December 31, 2017. (2) TRANSITION RULE.—In the case of qualified rehabilita- tion expenditures with respect to any building— (A) owned or leased by the taxpayer during the entirety of the period after December 31, 2017, and (B) with respect to which the 24-month period selected by the taxpayer under clause (i) of section 47(c)(1)(B) of 26 USC 47 note. 26 USC 47. 26 USC 45C note. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00082 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS