MINIMUM LOW-INCOME HOUSING TAX CREDIT RATE.

SEC. 201. MINIMUM LOW-INCOME HOUSING TAX CREDIT RATE. (a) In General.—Subsection (b) of section 42 is amended— (1) by redesignating paragraph (3) as paragraph (4), and (2) by inserting after paragraph (2) the following new paragraph: “(3) Minimum credit rate.—In the case of any new or existing building to which paragraph (2) does not apply and which is placed in service by the taxpayer after December 31, 2020, the applicable percentage shall not be less than 4 percent.” . (b) [26 U.S.C. 42 note] Effective Date.—The amendments made by this section shall apply to— (1) any building which receives an allocation of housing credit dollar amount after December 31, 2020, and (2) in the case of any building any portion of which is financed with an obligation described in section 42(h)(4)(A), any such building if any such obligation which so finances such building is issued after December 31, 2020.