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139 STAT. 234 PUBLIC LAW 119–21—JULY 4, 2025 (B) if necessary to protect taxpayer return information, may combine information required with respect to indi- vidual population census tracts into larger geographic areas. (6) DEFINITIONS.—Any term used in this subsection which is also used in subchapter Z of chapter 1 of the Internal Revenue Code of 1986 shall have the meaning given such term under such subchapter. (7) REPORTS ON QUALIFIED RURAL OPPORTUNITY FUNDS.— The Secretary shall make publicly available, with respect to qualified rural opportunity funds, separate reports as required under this subsection, applied— (A) by substituting ‘‘qualified rural opportunity’’ for ‘‘qualified opportunity’’ each place it appears, (B) by substituting a reference to this Act for ‘‘Public Law 115–97’’, and (C) by treating any reference (after the application of subparagraph (A)) to qualified rural opportunity zone stock, qualified rural opportunity zone partnership interest, qualified rural opportunity zone business, or qualified opportunity zone business property as stock, interest, busi- ness, or property, respectively, described in subclause (I) or (II), as the case may be, of section 1400Z–2(b)(2)(C)(i) of the Internal Revenue Code of 1986. SEC. 70422. PERMANENT ENHANCEMENT OF LOW-INCOME HOUSING TAX CREDIT. (a) PERMANENT STATE HOUSING CREDIT CEILING INCREASE FOR LOW-INCOME HOUSING CREDIT.— (1) IN GENERAL.—Section 42(h)(3)(I) is amended— (A) by striking ‘‘2018, 2019, 2020, and 2021,’’ and inserting ‘‘beginning after December 31, 2025,’’, (B) by striking ‘‘1.125’’ and inserting ‘‘1.12’’, and (C) by striking ‘‘2018, 2019, 2020, AND 2021’’ in the heading and inserting ‘‘CALENDAR YEARS AFTER 2025’’. (2) EFFECTIVE DATE.—The amendments made by this sub- section shall apply to calendar years beginning after December 31, 2025. (b) TAX-EXEMPT BOND FINANCING REQUIREMENT.— (1) IN GENERAL.—Section 42(h)(4) is amended by striking subparagraph (B) and inserting the following: ‘‘(B) SPECIAL RULE WHERE MINIMUM PERCENT OF BUILDINGS IS FINANCED WITH TAX-EXEMPT BONDS SUBJECT TO VOLUME CAP.—For purposes of subparagraph (A), para- graph (1) shall not apply to any portion of the credit allow- able under subsection (a) with respect to a building if— ‘‘(i) 50 percent or more of the aggregate basis of such building and the land on which the building is located is financed by 1 or more obligations described in subparagraph (A), or ‘‘(ii)(I) 25 percent or more of the aggregate basis of such building and the land on which the building is located is financed by 1 or more obligations described in subparagraph (A), and ‘‘(II) 1 or more of such obligations— ‘‘(aa) are part of an issue the issue date of which is after December 31, 2025, and 26 USC 42 note.