(a) Rule made permanent.—Section 461(l)(1) is amended by striking “and before January 1, 2029,” each place it appears.
(b) Adjustment of amounts for calculation of excess business loss.—Section 461(l)(3)(C) is amended—
(1) in the matter preceding clause (i), by striking “December 31, 2018” and inserting “December 31, 2025”, and
(2) in clause (ii), by striking “2017” and inserting “2024”.
(c) Effective dates.—
(1) RULE MADE PERMANENT.—The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2026.
(2) ADJUSTMENT OF AMOUNTS FOR CALCULATION OF EXCESS BUSINESS LOSS.—The amendments made by subsection (b) shall apply to taxable years beginning after December 31, 2025.