12 2 STA T . 2 879PUBLIC LA W 11 0– 289 —J UL Y3 0 , 2008 ‘ ‘ (I) I NCREAS E I NS T ATE HOU SIN G CRE D IT CEI L ING F OR 20 0 8 AND 200 9.— I nthecas e of ca l en d a ry ears 20 0 8 and 200 9 — ‘‘( i ) the dollar a m o u nt in effect under su bp ara g raph ( C )(ii)(I) for such calendar year (after any increase under subparagraph ( H )) shall be increased by $ 0.20 , and ‘‘(ii) the dollar amount in effect under subpara - graph (C)(ii)(II) for such calendar year (after any increase under subparagraph (H)) shall be increased by an amount e q ual to 1 0 percent of such dollar amount (rounded to the ne x tlo w est multiple of $ 5 ,000). ’ ’. SEC.30 0 2 . D E T E RMINA TI O NO F CREDIT RATE. (a) T E MP ORAR YM INIMUM CREDIT R ATE FOR N ON- F EDERALLY S U B SIDI Z ED NE WB UILDINGS.— (1) IN GENERAL.—Subsection (b) of section 4 2 is amended by stri k ing paragraph (1), by redesignating paragraph (2) as paragraph (1), and by inserting after paragraph (1), as so redesignated, the following new paragraph
‘‘(2) TEMPORARY MINIMUM CREDIT RATE FOR NON-FEDERALLY SUBSIDIZED NEW BUILDINGS.—In the case of any new building— ‘‘( A ) which is placed in ser v ice by the taxpayer after the date of the enactment of this paragraph and before D ecember 3 1, 2013, and ‘‘(B) which is not federally subsidi z ed for the taxable year, the applicable percentage shall not be less than 9 percent.’’. (2) CONFORMING AMENDMENTS.— (A) Subsection (b) of section 42, as amended by para- graph (1), is amended by striking ‘‘For purposes of this section—’’ and all that follows through ‘‘means the appro- priate’’ and inserting the following: ‘‘(1) DETERMINATION OF APPLICABLE PERCENTAGE.—For pur- poses of this section, the term ‘applicable percentage’ means, with respect to any building, the appropriate’’. (B) Clause (i) of section 42(b)(1)(B), as redesignated by paragraph (1), is amended by striking ‘‘a building described in paragraph (1)(A)’’ and inserting ‘‘a new building which is not federally subsidized for the taxable year’’. (C) Clause (ii) of section 42(b)(1)(B), as redesignated by paragraph (1), is amended by striking ‘‘a building described in paragraph (1)(B)’’ and inserting ‘‘a building not described in clause (i)’’. (b) MODIFICATIONS TO DEFINITION OF FEDERALLY SUBSIDIZED BUILDING.— (1) IN GENERAL.—Subparagraph (A) of section 42(i)(2) is amended by striking ‘‘, or any below market Federal loan,’’. (2) CONFORMING AMENDMENTS.— (A) Subparagraph (B) of section 42(i)(2) is amended— (i) by striking ‘‘BALANCE OF LOAN OR’’ in the heading thereof, (ii) by striking ‘‘loan or’’ in the matter preceding clause (i), and
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