; and and all that follows through to the end and inserting a period, and (ii) by striking shall be applied— and all that follows through (i) by substituting and inserting the following: shall be applied by substituting . (b) Inventory rules (1) In general Section 471 of the Internal Revenue Code of 1986 is amended by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection: (c) Small business taxpayers not required To use inventories (1) In general An eligible taxpayer (as defined in section 446(g)(2)) shall not be required to use inventories under this section for a taxable year. (2) Treatment of taxpayers not using inventories If an eligible taxpayer (as so defined) does not use inventories with respect to any property for a taxable year, any cost which (but for paragraph (1)) would have been included by the taxpayer in inventory costs shall be treated as an expense which is deductible for the taxable year in which the property is purchased. . (2) Conforming amendment Section 263A(c) of such Code is amended by adding at the end the following new paragraph: (7) Exclusion from inventory rules This section shall not apply to property with respect to which a taxpayer does not use inventories pursuant to section 471(c). . (c) Effective date and special rules (1) In general The amendments made by this section shall apply to taxable years beginning after December 31, 2017. (2) Change in method of accounting In the case of any taxpayer changing the taxpayer’s method of accounting for any taxable year under the amendments made by this section— (A) such change shall be treated as initiated by the taxpayer; and (B) such change shall be treated as made with the consent of the Secretary of the Treasury.