Qualified production property must meet seven tests
What the document says“The term `qualified production property' means that portion of any nonresidential real property--”
The section defines qualified production property as the portion of nonresidential real property to which section 168 applies, used by the taxpayer as an integral part of a qualified production activity, placed in service in the United States or a possession, whose original use begins with the taxpayer, whose construction begins after January 19, 2025 and before January 1, 2029, which the taxpayer designates in the election, and which is placed in service before January 1, 2031. Property used by a lessee does not count as used by a lessor taxpayer. Office space and similar areas are excluded, and a syndication rule applies.
What the document actually says“The term `qualified production property' means that portion of any nonresidential real property--”
The term covers part of a building that is not a home. The tests that follow say which part.
The building must be used in production. Work must start after January 19, 2025 and before 2029. It must be in use before 2031.
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