qualified as an Economic Freedom Zone business. A rule similar to the rule of paragraph (2)(B) shall apply for purposes of this paragraph. (4) Economic freedom zone business property (A) In general The term Economic Freedom Zone business property means tangible property if— (i) such property was acquired by the taxpayer by purchase (as defined in section 179(d)(2)) after the date on such taxpayer qualifies as an Economic Freedom Zone business and before the date on which such taxpayer no longer qualifies as an Economic Freedom Zone business due to the lapse of 1 or more Economic Freedom Zones, (ii) the original use of such property in the Economic Freedom Zone commences with the taxpayer, and (iii) during substantially all of the taxpayer's holding period for such property, substantially all of the use of such property was in an Economic Freedom Zone business of the taxpayer. (B) Special rule for buildings which are substantially improved (i) In general The requirements of clauses (i) and (ii) of subparagraph (A) shall be treated as met with respect to— (I) property which is substantially improved by the taxpayer before the date on which such taxpayer no longer qualifies as an Economic Freedom Zone business due to the lapse of 1 or more Economic Freedom Zones, and (II) any land on which such property is located. (ii) Substantial improvement For purposes of clause (i), property shall be treated as substantially improved by the taxpayer only if, during any 24-month period beginning after the date on which the taxpayer qualifies as an Economic Freedom Zone business additions to basis with respect to such property in the hands of the taxpayer exceed the greater of— (I) an amount equal to the adjusted basis of such property at the beginning of such 24-month period in the hands of the taxpayer, or (II) $5,000. (5) Treatment of economic freedom zone termination Except as otherwise provided in this subsection, the termination of the designation of the Economic Freedom Zone shall be disregarded for purposes of