(A) by striking With respect to the portion and inserting In the case of a taxpayer other than a corporation, with respect to the portion , and (B) by striking (34 percent in the case of a corporation) . (c) Effective date (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2018. (2) Withholding The amendments made by subsection (b)(3) shall apply to distributions made after December 31, 2018. (3) Certain transfers The amendments made by subsection (b)(6) shall apply to transfers made after December 31, 2018. (d) Normalization requirements (1) In general A normalization method of accounting shall not be treated as being used with respect to any public utility property for purposes of section 167 or 168 of the Internal Revenue Code of 1986 if the taxpayer, in computing its cost of service for ratemaking purposes and reflecting operating results in its regulated books of account, reduces the excess tax reserve more rapidly or to a greater extent than such reserve would be reduced under the average rate assumption method. (2) Alternative Method for Certain Taxpayers If, as of the first day of the taxable year that includes the date of enactment of this Act— (A) the taxpayer was required by a regulatory agency to compute depreciation for public utility property on the basis of an average life or composite rate method, and (B) the taxpayer’s books and underlying records did not contain the vintage account data necessary to apply the average rate assumption method, the taxpayer will be treated as using a normalization method of accounting if, with respect to such jurisdiction, the taxpayer uses the alternative method for public utility property that is subject to the regulatory authority of that jurisdiction. (3) Definitions For purposes of this subsection— (A) Excess tax reserve The term excess tax reserve means the excess of— (i) the reserve for deferred taxes (as described in section 168(i)(9)(A)(ii) of the