The change applies to tax years beginning after December 31, 2025
What the document says“The amendment made by this section shall apply to taxable years beginning after December 31, 2025.”
The section applies its amendment to taxable years beginning after December 31, 2025.
What the document actually says“The amendment made by this section shall apply to taxable years beginning after December 31, 2025.”
That sentence, in plain words
The change starts with tax years that begin after December 31, 2025.
What this is about
Earlier tax years are not touched. The old rule still holds for them. 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.