123STA T . 3 5 2 PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9‘ ‘ (C)LIM I TA TI ON ON AMO U NTO FB ON DS D E SI G NATED .—Themaxi m u ma g g r ega t e f a c eam o u n tof b on dsw hich ma y be designated by any I ndian triba l go v ernment under sub p aragraph ( A ) shall not exceed the amount of national tribal economic development bond limitation allocated to such government under paragraph ( 1 ). ’ ’. (b) S TUD Y .—The Secretary of the Treasury , or the Secretary’s delegate, shall conduct a study of the effects of the amendment made by subsection (a). N ot later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury, or the Secretary’s delegate, shall report to Congress on the results of the study conducted under this paragraph, including the Secretary’s recommendations regarding such amendment. (c) E FFE C TI V E D ATE.—The amendment made by subsection (a) shall apply to obligations issued after the date of the enactment of this Act. SEC.1403 . IN C R E A SEINNE WM AR K E T STA X CRE D IT. (a) IN G ENE R A L .—Section 45 D(f)(1) is amended— (1) by stri k ing ‘‘and’’ at the end of subparagraph (C), ( 2 ) by striking ‘‘, 2 0 0 7 , 200 8 , and 200 9 .’’ in subparagraph (D), and inserting ‘‘and 2007,’’, and ( 3 ) by adding at the end the following new subparagraphs
‘‘(E) $ 5,000,000,000 for 2008, and ‘‘( F ) $5,000,000,000 for 2009.’’. (b) S P ECIAL R ULE FOR ALLOCATION OF INCREASED 2008 LIMITA - TION.—The amount of the increase in the new markets tax credit limitation for calendar year 2008 by reason of the amendments made by subsection (a) shall be allocated in accordance with section 45D(f)(2) of the Internal Revenue Code of 198 6 to q ualified commu- nity development entities (as defined in section 45D(c) of such Code) which— (1) submitted an allocation application with respect to cal- endar year 2008, and (2)(A) did not receive an allocation for such calendar year, or ( B ) received an allocation for such calendar year in an amount less than the amount requested in the allocation application. SEC. 1404. C O ORDINATION O FL OW - INCOME H O U SIN G CREDIT AND LOW-INCOME HOUSING GRANTS. Subsection (i) of section 42 is amended by adding at the end the following new paragraph: ‘‘(9) COORDINATION W IT H LOW-INCOME HOUSING GRANTS.— ‘‘(A) REDUCTION IN STATE HOUSING CREDIT CEILING FOR LOW-INCOME HOUSING GRANTS RECEIVED IN 20 0 9 .—For pur- poses of this section, the amounts described in clauses (i) through (iv) of subsection (h)(3)(C) with respect to any State for 2009 shall each be reduced by so much of such amount as is taken into account in determining the amount of any grant to such State under section 1602 of the Amer- ican Recovery and Reinvestment Tax Act of 2009. ‘‘(B) SPECIAL RULE FOR BASIS.—Basis of a qualified low-income building shall not be reduced by the amount of any grant described in subparagraph (A).’’. 26USC45Dnote. 26 USC 45. 26 USC 78 7 1 note. De adli ne. R e p o r t s .
