The changes reach property acquired after January 19, 2025
What the document says“Except as otherwise provided in this subsection, the amendments made by this section shall apply to property acquired after January 19, 2025.”
The section applies its amendments to property acquired after January 19, 2025, applies them to specified plants planted or grafted after that date, and applies the transitional election to taxable years ending after that date.
What the document actually says“Except as otherwise provided in this subsection, the amendments made by this section shall apply to property acquired after January 19, 2025.”
The changes reach property bought after January 19, 2025. Some parts of the section are treated apart.
Plants count from the day they are planted or grafted. The choice of a lower rate runs by tax year. All three dates are the same.
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