INCREASE IN NEW MARKETS TAX CREDIT.

SEC. 1403. INCREASE IN NEW MARKETS TAX CREDIT.(a) In General.—Section 45D(f)(1) is amended—(1) by striking “and” at the end of subparagraph (C),(2) by striking “, 2007, 2008, and 2009.” 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) Special Rule for Allocation of Increased 2008 Limitation.—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 1986 to qualified community development entities (as defined in section 45D(c) of such Code) which—(1) submitted an allocation application with respect to calendar 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.