not apply. (ii) Special rules for REIT's For purposes of this subparagraph— (I) In general A net operating loss for a REIT year shall not be a net operating loss carryback to any taxable year preceding the taxable year of such loss. (II) Special rule In the case of any net operating loss for a taxable year which is not a REIT year, such loss shall not be carried back to any taxable year which is a REIT year. (III) REIT year For purposes of this subparagraph, the term REIT year means any taxable year for which the provisions of part II of subchapter M (relating to real estate investment trusts) apply to the taxpayer. (iii) Election A taxpayer may elect not to have clause (i) apply for any taxable year. Such election shall be made in such manner as prescribed by the Secretary and shall be made— (I) in the case of any election relating to a net operating loss arising in a taxable year beginning in 2018 or 2019, by the due date (including extensions of time) for filing the taxpayer's return for the first taxable year ending after the date of the enactment of this subparagraph, and (II) in the case of any election relating to a net operating loss arising in a taxable year beginning in 2020, by the due date (including extensions of time) for such taxable year. Such election, once made for any taxable year, shall be irrevocable for such taxable year. . (2) Conforming amendment Section 170(b)(1)(A) of such Code, as amended by subsection (c)(2), is amended by striking and (C)(i) and inserting , (C)(i), and (D) . (c) Technical amendment relating to section 13302 of Public Law 115–97 (1) Section 13302(e) of Public Law 115–97 is amended to read as follows: (e) Effective dates (1) Net operating loss limitation The amendments made by subsections (a) and (d)(2) shall apply to— (A) taxable years beginning after December 31, 2017, and (B) taxable years beginning on or before December 31, 2017, to which net operating losses arising in taxable years beginning after December 31, 2017, are carried. (2) Carryforwards and carrybacks