; and (B) by striking section 179(d)(7) and inserting section 179(c)(6) . (c) Effective date The amendments made by this section shall apply to property placed in service during taxable years beginning after December 31, 2016. 102. Election of shorter recovery period for purpose of determining depreciation deduction (a) In general Section 168 is amended by adding at the end the following new subsection: (o) Election of shorter recovery period (1) In general Notwithstanding subsections (c), (e), (g), and (j), for purposes of subsection (a), the applicable recovery period for any property placed in service during a taxable year ending on or after the date of the enactment of this subsection shall not exceed such period as the taxpayer may elect with respect to such property. (2) Election An election made under this subsection shall be made at such time and in such form and manner as the Secretary may require. An election under this subsection, once made, shall apply to the taxable year for which made and all subsequent taxable years unless revoked with the consent of the Secretary. (3) Transition rule In the case of any property placed in service during a taxable year ending before January 1, 2017, paragraph (1) shall apply with respect to the adjusted basis of such property in the same manner as if such property (with such adjusted basis) were placed in service on the first day of the taxable year which includes January 1, 2017. The application of this paragraph shall not be treated as a change in method of accounting for purposes of section 481. . (b) Effective date The amendment made by this section shall apply to property placed in service before, on, or after January 1, 2017. II Reduced rate on business income 201. Reduced corporate rate (a) In general Section 11(b) is amended to read as follows: (b) Amount of tax The amount of the tax imposed by subsection (a) shall be 15 percent of taxable income. . (b) Conforming amendments Paragraphs (1), (2), and (6) of section 1445(e) are each amended by striking 35