Credits from tax credit bonds allowed to shareholders

A regulated investment company— If the election provided in subsection (a) is in effect with respect to any credits for any taxable year— the regulated investment company— each shareholder of such investment company shall— The amount treated as a distribution of money received by a shareholder under subsection (b)(2)(A) (and as credits allowed to such shareholder under subsection (b)(2)(B)) shall not exceed the amount so reported by the regulated investment company in a written statement furnished to such shareholder. The election provided in subsection (a) shall be made in such manner as the Secretary may prescribe. For purposes of this subsection— The term “tax credit bond” means— The term “applicable date” means— If the ownership of a tax credit bond is separated from the credit with respect to such bond, subsection (a) shall be applied by reference to the instruments evidencing the entitlement to the credit rather than the tax credit bond. The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including methods for determining a shareholder’s proportionate share of credits.