Relating to connection to federal tax allowing business deductions; prescribing an effective date.

Establishes December 21, 2017, as the connection date for the Internal Revenue Code sections governing bonus depreciation and deduction of net business interest. Allows full bonus depreciation in the first year of service and provides for the addition in later year of excess amounts subtracted from federal taxable income. Applies to tax years beginning on or after January 1, 2025, and to property placed in service on or after January 1, 2025. Allows the deduction of certain net business interest without limitation. Applies to tax years beginning on or after January 1, 2025. Takes effect on the 91st day following adjournment sine die.