of tax in effect for the taxable year under section 11(b) , and (ii) by striking of the gain and inserting multiplied by the gain . (B) Section 1445(e)(2) of such Code is amended by striking 35 percent of the amount and inserting the rate of tax in effect for the taxable year under section 11(b) multiplied by the amount . (C) Section 1445(e)(6) of such Code is amended— (i) by striking 35 percent and inserting the rate of tax in effect for the taxable year under section 11(b) , and (ii) by striking of the amount and inserting multiplied by the amount . (D) Section 1446(b)(2)(B) of such Code is amended by striking the highest rate of tax specified in section 11(b)(1) and inserting the rate of tax in effect for the taxable year under section 11(b) . (3) Section 852(b)(1) of such Code is amended by striking the last sentence. (4) Section 7874(e)(1)(B) of such Code is amended by striking the highest rate of tax specified in section 11(b)(1) and inserting the rate of tax in effect for the taxable year under 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. 3. Procedure in case Secretary determines increase in corporate income tax (a) In general In the case of any taxable years beginning during a calendar year ( current taxable years ) for which the rate of tax determined by the Secretary of the Treasury under section 11(b)(2) of the Internal Revenue Code of 1986 is higher than the rate of tax for taxable years beginning during the preceding calendar year ( preceding taxable years )— (1) if not later than 60 days after the date of any such determination Congress enacts into law a joint resolution approving such higher rate of tax, then the rate of tax for the current taxable years shall be the rate of tax so determined by the Secretary, or (2) if after the