Page:United States Statutes at Large Volume 122.djvu/1534

 12 2 STA T . 1 5 11 PUBLIC LA W 11 0– 2 34—M A Y 22, 200 8qualif i ed i s sue r fails to use a nyp ortion of su ch pay m ent for such purpose , the issuer shall b e liable to the U nited S tates in an amount equal to such portion, plus interest attheo v erpayment rate under section 6 6 21 for the period from the date such portion w as refunded to the date such amount is paid .A ny such amount shall be assessed and collected in the same manner as ta x imposed by this chapter, except that subchapter B of chapter 6 3( relatin g to deficiency procedures ) shall not apply in respect of such assessment or collection. ‘ ‘(B) EF F ECTO FE L ECT I O N ON A LLOCATION. —I f a quali - fied issuer ma k es the election under this subsection with respect to any allocation— ‘‘(i) the issuer may issue no bonds pursuant to the allocation, and ‘‘(ii) the Secretary may not reallocate such alloca- tion for any other purpose. ’ ’. (b) R E P O R TIN G .—Subsection (d) of section 6 049 (relating to returns regarding payments of interest) is amended by adding at the end the following new paragraph

‘‘(9) REPORTING OF CRE D IT ON QU ALIFIED TA X CREDIT B OND S .— ‘‘(A) IN GENERAL.— F or purposes of subsection (a), the term ‘interest’ includes amounts includible in gross income under section 5 4A and such amounts shall be treated as paid on the credit allowance date (as defined in section 54A(e)(1)). ‘‘(B) REPORTING TO CORPORATIONS, ETC.—Except as otherwise provided in regulations, in the case of any interest described in subparagraph (A) of this paragraph, subsection (b)(4) of this section shall be applied without regard to subparagraphs (A), ( H ), (I), ( J ),( K ),and( L )(i). ‘‘( C ) REGULATOR Y AUT H ORITY.— T he Secretary may pre- scribe such regulations as are necessary or appropriate to carry out the purposes of this paragraph, including regu- lations which require more frequent or more detailed reporting.’’. (c) CONFOR M ING AMENDMENTS.— (1) Sections 54(c)(2) and 1400 N (l)(3)(B) are each amended by striking ‘‘subpart C’’ and inserting ‘‘subparts C and I’’. (2) Section 139 7 E(c)(2) is amended by striking ‘‘subpart H’’ and inserting ‘‘subparts H and I’’. (3) Section 6401(b)(1) is amended by striking ‘‘and H’’ and inserting ‘‘H, and I’’. (4) The heading of subpart H of part I V of subchapter A of chapter 1 is amended by striking ‘‘ CertainBo n ds ’’ and inserting ‘‘C l ean R ene w a b le E ner gy Bonds’’. (5) The table of subparts for part IV of subchapter A of chapter 1 is amended by striking the item relating to subpart H and inserting the following new items: ‘ ‘ SUBPARTH.NO NR EF UN D AB L E C RED I T TO HOLDERS OF CLEAN RENE W ABLE ENER GY BONDS. ‘‘SUBPART I. Q UALIFIED TA X CREDIT BONDS. ’ ’. (6) P aragraph (2) of section 1324(b) of title 31, United States Code, is amended by striking ‘‘or 642 8 or 53(e)’’ and inserting ‘‘, 53(e), 54B(h), or 6428’’. 26USC 6 049.

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