123STA T . 3 48PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9‘ ‘ (v)thebasi s of a nypr operty w hi c hispartof a qu a l ifyin g a d vanced energy pro j ect under section 48C.’ ’. ( 2 ) T he table of sections for subpart E of part IV of sub - chapter A of chapter 1 isa m ended by inserting after the item relating to section 48 B the following new item
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‘ 48C.Qualify i ng a dv an ce d ene r gy p r oj ec t credit. ’ ’. (d) E F F ECTIV E DA TE. — The amendments made by this section shall apply to periods after the date of the enactment of this Act , under rules similar to the rules of section 48(m) of the Internal R evenue Code of 1 9 8 6 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 199 0 ). Subti t leE— E con o m ic R eco v e ryT ool sSEC.140 1. R EC OV ER YZ O N E B ON D S. (a) I NG ENE R A L .— S ubchapter Y of chapter 1 is amended by adding at the end the following new part: ‘ ‘ PARTI II — R ECOV ER YZ O N E B ON DS ‘‘ S ec. 1 4 0 0 U– 1. A llocation of recovery z one b ond s . ‘‘Sec. 1400U– 2 . R ecovery zone econo m ic development bonds. ‘‘Sec. 1400U– 3 . Recovery zone facility bonds. ‘ ‘SEC. 1400 U– 1. AL LOCA TI ONO F RECOVERY ZONE BONDS. ‘‘(a) ALL O CATION S .— ‘‘(1) IN G ENERAL.— ‘‘(A) GENERAL ALLOCATION.—The Secretary shall allo- cate the national recovery z one economic development bond limitation and the national recovery zone facility bond limitation among the States in the proportion that each such State’s 2008 State employment decline bears to the aggregate of the 2008 State employment declines for all of the States. ‘‘(B) M INI MU M ALLOCATION.—The Secretary shall adjust the allocations under subparagraph (A) for any calendar year for each State to the e x tent necessary to ensure that no State receives less than 0.9 percent of the national recovery zone economic development bond limitation and 0.9 percent of the national recovery zone facility bond limitation. ‘‘(2) 2008 STATE EM P LO Y MENT D ECLINE.— F or purposes of this subsection, the term ‘2008 State employment decline’ means, with respect to any State, the excess (if any) of— ‘‘(A) the number of individuals employed in such State determined for December 200 7 , over ‘‘(B) the number of individuals employed in such State determined for December 2008. ‘‘( 3 ) ALLOCATIONS B Y STATES.— ‘‘(A) IN GENERAL.—Each State with respect to which an allocation is made under paragraph (1) shall reallocate such allocation among the counties and large municipalities in such State in the proportion to each such county’s or municipality’s 2008 employment decline bears to the aggre- gate of the 2008 employment declines for all the counties and municipalities in such State. A county or municipality Waiver a utho rit y.26USC4 6 n ote.
