Relating to election of reduced rate of taxation on pass-through income; prescribing an effective date.

Requires, for purposes of taxpayer election of reduced tax rate for certain pass-through nonpassive income, net increase in number of employees. Allows for taxpayer election of reduced tax rate on original or amended tax return. Provides that election is revocable. Applies to tax years beginning on or after January 1, 2018. Takes effect on 91st day following adjournment sine die.