(

a) Section of the Internal Revenue Code, relating to passive activity losses and credits limited, shall apply, except as otherwise provided. (

b) Section 469(c)(7) of the Internal Revenue Code, relating to special rules for taxpayers in real property business, shall not apply. (

c) Section 469(d)(2) of the Internal Revenue Code, relating to passive activity credits, is modified to refer to the following credits:

(1) The credit for research expenses allowed by

Section 23609.

(2) The credit for clinical testing expenses allowed by

Section 23609.5.

(3) The credit for low-income housing allowed by

Section 23610.5.

(4) The credit for certain wages paid (targeted jobs) allowed by

Section 23621. (

d) Section 469(g)(1)(

A) of the Internal Revenue Code is modified to provide that if all gain or loss realized on the disposition of the taxpayer’s entire interest in any passive activity (or former passive activity) is recognized, the excess of—

(1) The sum of— (

A) Any loss from that activity for that taxable year (determined after application of

Section 469(

b) of the Internal Revenue Code), plus (

B) Any loss realized on that disposition, over

(2) Net income or gain for the taxable year from all passive activities (determined without regard to losses described in paragraph (1)), shall be treated as a loss which is not from a passive activity. (e)

(1) For purposes of applying

Section 469(

i) of the Internal Revenue Code, relating to the twenty-five thousand dollars ($25,000) offset for rental real estate activities, the dollar limitation specified in

Section 469(i)(2) of the Internal Revenue Code, relating to dollar limitation, for the credit allowed under

Section 23610.5, relating to low-income housing, shall not apply.

(2) The amendments made to this subdivision by the act adding this paragraph shall apply to each taxable year beginning on or after January 1, 2020. (

f) Section of the Tax Reform Act of 1986 (Public Law 99-514) shall apply. (

g) For each taxable year beginning on or after January 1, 1987,

Section of Public Law 100-203, relating to treatment of publicly traded partnerships under

Section of the Internal Revenue Code, shall apply, except as otherwise provided. (

h) The amendments to

Section 469(

k) of the Internal Revenue Code made by

Section of Public Law 100-647, relating to separate application of

section in case of publicly traded partnerships, shall apply to each taxable year beginning on or after January 1, 1990, except as otherwise provided.