Page:United States Statutes at Large Volume 122.djvu/2294

 12 2 STA T . 22 7 1 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 ‘ ‘ (g)SCORP OR ATI O NS AN DP ARTN E RS H IPS .—Inthecas e of a ta x c r e di t b ond he l db y anScor p oration or partnership , the alloca - tion of the credit allo w ed by this section to the shareholders of s u ch corporation or partners of such partnership shall be treated as a distribution. ‘‘(h) B ONDS H E L D BYR E GU LATED IN V EST M ENT COMPANIES AND REAL E STATE INVESTMENT T RUSTS.—If any q ualified tax credit bond is held by a regulated in v est m ent company or a real estate invest- ment trust, the credit determined under subsection (a) shall be allowed to shareholders of such company or beneficiaries of such trust (and any gross income included under subsection (f) with respect to such credit shall be treated as distributed to such share- holders or beneficiaries) under procedures prescribed by the Sec- retary. ‘‘(i) CREDITS M AY BE STRIPPED.— U nder regulations prescribed by the Secretary— ‘‘( 1 ) IN GENERAL.—There may be a separation (including at issuance) of the ownership of a qualified tax credit bond and the entitlement to the credit under this section with respect to such bond. In case of any such separation, the credit under this section shall be allowed to the person who on the credit allowance date holds the instrument evidencing the entitlement to the credit and not to the holder of the bond. ‘‘( 2 ) CERTAIN RULES TO APPLY.—In the case of a separation described in paragraph (1), the rules of section 12 86 shall apply to the qualified tax credit bond as if it were a stripped bond and to the credit under this section as if it were a stripped coupon. ‘ ‘ SEC.54B . QUALIF IE D F OR ES T R Y CO N SER V ATION BONDS. ‘‘(a) Q UALI F IED F ORESTRY CONSERVATION BOND.—For purposes of this subchapter, the term ‘qualified forestry conservation bond ’ means any bond issued as part of an issue if— ‘‘(1) 1 0 0 percent of the available pro j ect proceeds of such issue are to be used for one or more qualified forestry conserva- tion purposes, ‘‘(2) the bond is issued by a qualified issuer, and ‘‘( 3 ) the issuer designates such bond for purposes of this section. ‘‘(b) L IMITATION ON A MOUNT OF BONDS D ESIGNATED.—The max- imum aggregate face amount of bonds which may be designated under subsection (a) by any issuer shall not exceed the limitation amount allocated to such issuer under subsection (d). ‘‘(c) N ATIONAL LIMITATION ON AMOUNT OF BONDS DES- IGNATED.—There is a national qualified forestry conservation bond limitation of $5 00,000,000. ‘‘(d) ALLO C ATIONS.— ‘‘(1) IN GENERAL.—The Secretary shall ma k e allocations of the amount of the national qualified forestry conservation bond limitation described in subsection (c) among qualified forestry conservation purposes in such manner as the Secretary determines appropriate so as to ensure that all of such limita- tion is allocated before the date which is 2 4 months after the date of the enactment of this section. ‘‘(2) SOLICITATION OF APPLICATIONS.—The Secretary shall solicit applications for allocations of the national qualified for- estry conservation bond limitation described in subsection (c) Deadlin e .R e gu la t i o n s.

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