the list published under paragraph (1). (d) Effective date (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to income received after December 31, 2023. (2) Delay in application for income on qualified investments In the case of any qualified investment, the amendments made by this section shall apply to income received from such investment after December 31, 2025. (3) Qualified investment For purposes of paragraph (2)— (A) In general The term qualified investment means, with respect to a non-exempt foreign government, any investment made by such government on or before the date of the enactment of this Act the income from which would (without regard to the amendments made by this Act) be excluded from the gross income of such government under section 892 of the Internal Revenue Code of 1986. (B) Certain later investments treated as qualified investments In the case of an investment made by a non-exempt foreign government which would be treated as a qualified investment of such government but for the fact it was made after the date of the enactment of this Act and before January 1, 2026, such investment shall be treated as a qualified investment if it— (i) was made pursuant to a binding contract which— (I) was in effect on such date of enactment and at all times thereafter before such investment, (II) required such investment to be made on a fixed date and in a fixed amount, and (III) did not allow any person to delay, deny, or excuse such investment, or (ii) is a qualified public investment. (C) Termination of qualified investment treatment (i) In general If— (I) a domestic corporation of which a non-exempt foreign government is a direct shareholder and which has received 1 or more qualified investments, or (II) a domestic or foreign partnership (or similar flow-through entity) in which a non-exempt foreign government is a direct partner and which has made 1 or more qualified investments on behalf of a non-exempt foreign government, receives an additional