The changes reach amounts paid in tax years after December 31, 2024
What the document says“Except as otherwise provided in this subsection or subsection (f)(1), the amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2024.”
The section applies its amendments to amounts paid or incurred in taxable years beginning after December 31, 2024, except that the change on disposition of foreign research costs applies to property disposed of, retired or abandoned after May 12, 2025 and the research credit coordination applies to taxable years beginning after December 31, 2024. Two provisions state that no inference is to be drawn about how the older rules applied to earlier years.
What the document actually says“Except as otherwise provided in this subsection or subsection (f)(1), the amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2024.”
The changes reach money paid in tax years that begin after December 31, 2024. Some parts of the section are treated apart.
One part runs from May 12, 2025 instead. Small firms may reach back further. The law says no view is taken on earlier years.
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