EXTENSION AND MODIFICATION OF NEW MARKETS TAX CREDIT.

SEC. 102. EXTENSION AND MODIFICATION OF NEW MARKETS TAX CREDIT.(a) Extension.—Section 45D(f)(1)(D) is amended by striking “and 2007” and inserting “, 2007, and 2008”.(b) Regulations Regarding Non-Metropolitan Counties.—Section 45D(i) is amended by striking “and” at the end of paragraph (4), by striking the period at the end of paragraph (5) and inserting “, and”, and by adding at the end the following new paragraph:“(6) which ensure that non-metropolitan counties receive a proportional allocation of qualified equity investments.”.(c) Effective Date.—The amendments made by this section shall take effect on the date of the enactment of this Act.