such location. . (2) Section 23 of such Code is amended by striking 217(h)(3) each place it appears in subsections (d)(3) and (e) and inserting 217(d)(3) . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 21. Permanent extension of limitation on wagering losses (a) In general The second sentence of section 164(d) of the Internal Revenue Code of 1986 is amended by striking in the case of taxable years beginning after December 31, 2017, and before January 1, 2026, . (b) Effective date The amendments made by this section shall not apply to taxable years beginning after December 31, 2017. 22. Increase in estate and gift tax exemption made permanent (a) In general Section 2010(c)(3)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000,000 and inserting $10,000,000 . (b) Conforming amendments (1) Section 2010(c)(3) of the Internal Revenue Code of 1986 is amended by striking subparagraph (C). (2) Subsection (g) of section 2001 of such Code is amended to read as follows: (g) Modifications to gift tax payable To reflect different tax rates For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent's death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute— (1) the tax imposed by chapter 12 with respect to such gifts, and (2) the credit allowed against such tax under section 2505, including in computing— (A) the applicable credit amount under section 2505(a)(1), and (B) the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2). . (c) Effective date The amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2017. 23. Increase in alternative minimum tax exemption made permanent (a) In general Section 55(d) of the Internal Revenue Code of 1986 is amended— (1) in paragraph (1)— (A) by striking $78,750 in subparagraph (A) and