The changes reach property placed in service in tax years after December 31, 2024
What the document says“The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.”
The section applies its amendments to property placed in service in taxable years beginning after December 31, 2024.
What the document actually says“The amendments made by this section shall apply to property placed in service in taxable years beginning after December 31, 2024.”
The changes reach property put to use in tax years that begin after December 31, 2024. Earlier years are left out.
Property put to use earlier is not touched. The old figures still hold for it. The date is fixed in the law.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.