123STA T . 3 6 2 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9instrume nts e v i d en c in g t h e entit l ement t o the credit r a ther than the ta x credit b ond .‘ ‘ (f)REGULATIONS, ET C . —T he S ecretar y shall p rescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including methods for determining a shareholder ’ s proportionate share of credits.’’. (b) C ON F O RM ING A MEN D MENTS.— ( 1 ) Section 54 (l) is amended by stri k ing paragraph (4) and by redesignating paragraphs (5) and ( 6 ) as paragraphs (4) and (5), respectively. ( 2 ) Section 54A(h) is amended to read as follo w s
‘‘(h) B ONDS H ELD BY REAL E STATE I N V ESTMENT TRUSTS.—If any q ualified tax credit bond is held by a real estate investment trust, the credit determined under subsection (a) shall be allowed to beneficiaries of such trust (and any gross income included under subsection (f) with respect to such credit shall be distributed to such beneficiaries) under procedures prescribed by the Secretary.’’. ( 3 ) The table of sections for part I of subchapter M of chapter 1 is amended by inserting after the item relating to section 8 53 the following new item: ‘ ‘ Sec.853A . Cr e ditsf r om t ax credit b o n dsa l lo w edtos h areholders. ’ ’. (c) EFFECTIVE D ATE.—The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. Subti t leG—O t h e rP r ov i s io n s SEC.160 1. AP P LI CA T I ON O F CE R TAIN LA B OR STAN D ARDS TO PRO J ECTS FINANCED W IT H CERTAIN TA X- FA V ORED BONDS. Subchapter I V of chapter 31 of the title 4 0 , U nited States Code, shall apply to pro j ects financed with the proceeds of— (1) any new clean renewable energy bond (as defined in section 54C of the Internal Revenue Code of 1 9 86) issued after the date of the enactment of this Act, (2) any qualified energy conservation bond (as defined in section 54D of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act, (3) any qualified z one academy bond (as defined in section 54E of the Internal Revenue Code of 1986) issued after the date of the enactment of this Act, (4) any qualified school construction bond (as defined in section 54 F of the Internal Revenue Code of 1986), and (5) any recovery zone economic development bond (as defined in section 1400U – 2 of the Internal Revenue Code of 1986). SEC. 160 2 . G RANTS TO STATES FOR LOW-INCO M EHO U SING PROJECTS IN LIEU OF LOW-INCOME HOUSING CREDIT ALLOCA- TIONS FOR 200 9 . (a) IN G ENERAL.—The Secretary of the Treasury shall make a grant to the housing credit agency of each State in an amount equal to such State’s low - income housing grant election amount. (b) L O W -INCOME HOUSING GRANT ELECTION AMOUNT.—For pur- poses of this section, the term ‘‘low-income housing grant election amount’’ means, with respect to any State, such amount as the 26USC4 2 note. 26 USC 5 4C note. 26 USC 54 note. Pr o c e du re s . 26 USC 54.
