(

a) Section 461(

j) of the Internal Revenue Code, relating to limitation on excess farm losses of certain taxpayers, shall not apply. (b)

(1) Section 11012(

a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), relating to limitation on excess business losses on noncorporate taxpayers, shall apply except as otherwise provided.

(2) Section 461(l)(1) of the Internal Revenue Code, relating to limitation, as amended by

Section 11012(

a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), is modified by substituting “beginning after December 31, 2018” for the phrase “beginning after December 31, 2017, and before January 1, 2026.”

(3) Section 461(l)(2) of the Internal Revenue Code, relating to disallowed loss carryover, as amended by

Section 11012(

a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), is modified by substituting “Any loss which is disallowed under paragraph (1) shall be treated as a carryover excess business loss for the following taxable year.” for “Any loss which is disallowed under paragraph (1) shall be treated as a net operating loss carryover to the following taxable year under

section 172.”

(4) Section 461(l)(3)(

A) of the Internal Revenue Code, as amended by

Section 11012 (

a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), is modified by inserting “(

i) the sum of (

I) Any prior year carryover excess business losses, plus” below “In general, the term ‘excess business loss’ means the excess (if any) of.”

(5) Section 461(l)(3)(A)(

i) of the Internal Revenue Code, as amended by

Section 11012 (

a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), is modified by inserting “(II)” for “(i).”

(6) Section 461(l)(6) of the Internal Revenue Code, relating to coordination with

section 469, as amended by

Section 11012(

a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97), is modified by substituting “Section 17561” for “section 469.” (

c) The amendments to

Section 461(

l) of the Internal Revenue Code made by

Section 2304(

a) and (

b) of Public Law 116-136, relating to the modification of limitation on losses for taxpayers other than corporations, shall not apply. (

d) The amendments to

Section 461(l)(1) of the Internal Revenue Code made by

Section 9041(

a) of Public Law 117-2, relating to the extension of limitation on excess business losses of noncorporate taxpayers, shall not apply. (

e) The amendments to

Section 461(l)(1) of the Internal Revenue Code made by

Section 13903(b)(1) of Public Law 117-169, relating to the extension of limitation on excess business losses of noncorporate taxpayers, shall not apply.