The property is treated as section 1245 property from enactment
What the document says“any qualified production property (as defined in section 168(n)(2)).”
The section adds a new subparagraph (G) to section 1245(a)(3) of the Internal Revenue Code of 1986 bringing qualified production property within that section, and applies the amendments to property placed in service after enactment. It also provides that for the alternative minimum tax the deduction is worked out without the adjustment under section 56, treats the property as a separate class for other special allowances with the taxpayer treated as having elected, and excludes property under the alternative depreciation system.
What the document actually says“any qualified production property (as defined in section 168(n)(2)).”
The new kind of property is added to a list in the tax code.
That list decides how gain is taxed on sale. The change reaches buildings put to use after this law. Nothing earlier is touched.
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