amended by striking the last sentence. (4) Section 7874(e)(1)(B) of such Code is amended by striking section 11(b)(1) and inserting section 11(b) . (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, 2017. (2) Withholding The amendments made by subsection (b)(2) shall apply to distributions made after December 31, 2017. III 15-Percent Maximum Capital Gains Rate 301. 15-percent maximum capital gains rate (a) In general Section 1(h)(1) of the Internal Revenue Code of 1986 is amended by striking subparagraphs (C) and (D), by redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively, and by inserting after subparagraph (B) the following new subparagraph: (C) 15 percent of the adjusted net capital gain (or, if less, taxable income) in excess of the amount on which a tax is determined under subparagraph (B). . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. IV Modification and Permanent Extension of the Incentives to Reinvest Foreign Earnings in the United States 401. Modification and permanent extension of the incentives to reinvest foreign earnings in the United States (a) Repatriation subject to 5-Percent tax rate Section 965(a)(1) of the Internal Revenue Code of 1986 is amended by striking 85 percent and inserting 85.7 percent . (b) Permanent extension To elect repatriation Section 965(f) of such Code is amended to read as follows: (f) Election The taxpayer may elect to apply this section to any taxable year only if made on or before the due date (including extensions) for filing the return of tax for such taxable year. . (c) Repatriation includes current and accumulated foreign earnings (1) In general Section 965(b)(1) of such Code is amended to read as follows: (1) In general The amount of dividends taken into account under subsection (a) shall not exceed the sum of the current and accumulated