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139 STAT. 195 PUBLIC LAW 119–21—JULY 4, 2025 (B) CHANGE IN METHOD OF ACCOUNTING.—In the case of a taxpayer who makes an election under this para- graph— (i) such taxpayer shall be treated as initiating a change in method of accounting for purposes of sec- tion 481 of the Internal Revenue Code of 1986 with respect to the expenditures to which the election applies, (ii) such change shall be treated as made with the consent of the Secretary, and (iii) such change shall be applied only on a cut- off basis for such expenditures and no adjustments under section 481(a) shall be made. (C) REGULATIONS.—The Secretary of the Treasury (or the Secretary’s delegate) shall publish such guidance or regulations as may be necessary to carry out the purposes of this paragraph, including regulations or guidance allowing for the deduction allowed under subparagraph (A) in the case of taxpayers with taxable years beginning after December 31, 2024, and ending before the date of the enactment of this Act. SEC. 70303. MODIFICATION OF LIMITATION ON BUSINESS INTEREST. (a) IN GENERAL.—Section 163(j)(8)(A)(v) is amended by striking ‘‘in the case of taxable years beginning before January 1, 2022,’’. (b) FLOOR PLAN FINANCING APPLICABLE TO CERTAIN TRAILERS AND CAMPERS.—Section 163(j)(9)(C) is amended by adding at the end the following new flush sentence: ‘‘Such term shall also include any trailer or camper which is designed to provide temporary living quarters for rec- reational, camping, or seasonal use and is designed to be towed by, or affixed to, a motor vehicle.’’. (c) EFFECTIVE DATE AND SPECIAL RULE.— (1) IN GENERAL.—The amendments made by this section shall apply to taxable years beginning after December 31, 2024. (2) SPECIAL RULE FOR SHORT TAXABLE YEARS.—The Sec- retary of the Treasury (or the Secretary’s delegate) may pre- scribe such rules as are necessary or appropriate to provide for the application of the amendments made by this section in the case of any taxable year of less than 12 months that begins after December 31, 2024, and ends before the date of the enactment of this Act. SEC. 70304. EXTENSION AND ENHANCEMENT OF PAID FAMILY AND MEDICAL LEAVE CREDIT. (a) IN GENERAL.—Section 45S is amended— (1) in subsection (a)— (A) by striking paragraph (1) and inserting the fol- lowing: ‘‘(1) IN GENERAL.—For purposes of section 38, in the case of an eligible employer, the paid family and medical leave credit is an amount equal to either of the following (as elected by such employer): ‘‘(A) The applicable percentage of the amount of wages paid to qualifying employees with respect to any period in which such employees are on family and medical leave. ‘‘(B) If such employer has an insurance policy with regards to the provision of paid family and medical leave Time period. 26 USC 163 note. Publication. Guidance. Time periods. Applicability.