12 2 STA T . 2 894PUBLIC LA W 11 0– 289 —J UL Y3 0 , 2008 Thepr e c e dings en t ence sh al ln o t appl y to any re fu nding b ond unless such preceding sentence applied to the refunded bond ( or in the case of a series of refundings , the original bond ).’ ’. ( 2 ) NOADJUSTMEN T TO ADJUSTED C U R RENT EARN I N G S. —S ubparagraph ( B ) of section 56 (g)( 4 )isa m ended by adding at the end the follo w ing new clause
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‘(iii) TA X EXEM P T INTEREST ON CERTAIN H OUSING B ONDS.— C lause (i) shall not apply in the case of any interest on a bond to which section 5 7 (a)(5)(C)(iii) applies.’’. (b) AL LO W ANCE O FL OW -I NCOME H OUSING CREDIT AGAINST ALTERNATI V E M INIMUM TAX.—Subparagraph (B) of section 38 (c)(4) (relating to specified credits) is amended by redesignating clauses (ii) through (i v ) as clauses (iii) through (v) and inserting after clause (i) the following new clause: ‘‘(ii) the credit determined under section 42 to the e x tent attributable to buildings placed in service after D ecember 3 1 ,2 0 07,’’. (c) ALLOWANCE OF R EHABILITATION CREDIT AGAINST ALTER- NATIVE MINIMUM TAX.—Subparagraph (B) of section 38(c)(4), as amended by subsection (b), is amended by stri k ing ‘‘and’’ at the end of clause (iv), by redesignating clause (v) as clause (vi), and by inserting after clause (iv) the following new clause: ‘‘(v) the credit determined under section 47 to the extent attributable to q ualified rehabilitation expendi- tures properly taken into account for periods after December 31, 2007, and’’. (d) E FFECTIVE DATE.— (1) HOUSING BONDS.—The amendments made by subsection (a) shall apply to bonds issued after the date of the enactment of this Act. (2) LOW INCOME HOUSING CREDIT.—The amendments made by subsection (b) shall apply to credits determined under section 42 of the Internal Revenue Code of 1 9 86 to the extent attrib- utable to buildings placed in service after December 31, 2007. (3) REHABILITATION CREDIT.—The amendments made by subsection (c) shall apply to credits determined under section 47 of the Internal Revenue Code of 1986 to the extent attrib- utable to qualified rehabilitation expenditures properly taken into account for periods after December 31, 2007. SEC.302 3. BOND S GUAR AN T EED B YF EDERA LH O M E LOAN BAN K S EL I GIBLE FOR TREATMENT AS TA X- EXEM P T BONDS. (a) IN G ENERAL.—Subparagraph (A) of section 149(b)(3) (relating to exceptions for certain insurance programs) is amended by striking ‘‘or’’ at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ‘‘, or’’ and by adding at the end the following new clause: ‘‘(iv) sub j ect to subparagraph (E), any guarantee bya F ederal home loan bank made in connection with the original issuance of a bond during the period begin- ning on the date of the enactment of this clause and ending on December 31, 2010 (or a renewal or exten- sion of a guarantee so made).’’. 26USC38note. 26 USC 38 note. 26 USC 5 6 note.
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