The changes apply to tax years beginning after December 31, 2024
What the document says“The amendments made by this section shall apply to taxable years beginning after December 31, 2024.”
The section applies its amendments to taxable years beginning after December 31, 2024, and lets the Secretary of the Treasury or a delegate prescribe rules for a taxable year of less than 12 months that begins after that date and ends before enactment.
What the document actually says“The amendments made by this section shall apply to taxable years beginning after December 31, 2024.”
The changes start with tax years that begin after December 31, 2024.
Some tax years run under 12 months. The Secretary may write rules for those. That covers years ending before this law passed.
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