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139 STAT. 239 PUBLIC LAW 119–21—JULY 4, 2025 conduct of such activity is in furtherance of 1 or more of the purposes specified in section 305(i)(1)(A) of such Act (as so in effect). For purposes of this paragraph, activities substantially related to participation or investment in fisheries include the har- vesting, processing, transportation, sales, and marketing of fish and fish products of the Bering Sea and Aleutian Islands statistical and reporting areas. (b) APPLICATION TO CERTAIN WHOLLY OWNED SUBSIDIARIES.— If the assets of a trade or business relating to an activity described in subsection (a) of any subsidiary wholly owned by an entity identified in section 305(i)(1)(D) of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1855(i)(1)(D)) (as in effect on the date of enactment of this section) are transferred to such entity (including in liquidation of such subsidiary) not later than 18 months after the date of the enactment of this Act— (1) no gain or income resulting from such transfer shall be recognized to either such subsidiary or such entity under such Code, and (2) all income derived from such subsidiary from such transferred trade or business shall be exempt from taxation under such Code. (c) EFFECTIVE DATE.—This section shall take effect on the date of the enactment of this Act and shall remain effective during the existence of the western Alaska community development quota program established by Section 305(i)(1) of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1855(i)(1)), as amended. SEC. 70429. ADJUSTMENT OF CHARITABLE DEDUCTION FOR CERTAIN EXPENSES INCURRED IN SUPPORT OF NATIVE ALASKAN SUBSISTENCE WHALING. (a) IN GENERAL.—Section 170(n)(1) of the Internal Revenue Code of 1986 is amended by striking ‘‘$10,000’’ and inserting ‘‘$50,000’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2025. SEC. 70430. EXCEPTION TO PERCENTAGE OF COMPLETION METHOD OF ACCOUNTING FOR CERTAIN RESIDENTIAL CONSTRUCTION CONTRACTS. (a) IN GENERAL.—Section 460(e) is amended— (1) in paragraph (1)— (A) by striking ‘‘home construction contract’’ both places it appears and inserting ‘‘residential construction contract’’, and (B) by inserting ‘‘(determined by substituting ‘3-year’ for ‘2-year’ in subparagraph (B)(i) for any residential construction contract which is not a home construction contract)’’ after ‘‘the requirements of clauses (i) and (ii) of subparagraph (B)’’, (2) by striking paragraph (4) and redesignating paragraph (5) as paragraph (4), and (3) in subparagraph (A) of paragraph (4), as so redesig- nated, by striking ‘‘paragraph (4)’’ and inserting ‘‘paragraph (3)’’. (b) APPLICATION OF EXCEPTION FOR PURPOSES OF ALTERNATIVE MINIMUM TAX.—Section 56(a)(3) is amended by striking ‘‘any home construction contract (as defined in section 460(e)(6))’’ and inserting 26 USC 170 note. Deadline.