119 STAT. 996 Applicability. Regulations.
Procedures.
VerDate 14-DEC-2004
08:19 Oct 26, 2006
PUBLIC LAW 109–58—AUG. 8, 2005
‘‘(3) PARTNERSHIP; S CORPORATION; AND OTHER PASS-THRU ENTITIES.— ‘‘(A) IN GENERAL.—Under regulations prescribed by the Secretary, in the case of a partnership, trust, S corporation, or other pass-thru entity, rules similar to the rules of section 41(g) shall apply with respect to the credit allowable under subsection (a). ‘‘(B) NO BASIS ADJUSTMENT.—In the case of a bond held by a partnership or an S corporation, rules similar to the rules under section 1397E(i) shall apply. ‘‘(4) BONDS HELD BY REGULATED INVESTMENT COMPANIES.— If any clean renewable energy bond is held by a regulated investment company, the credit determined under subsection (a) shall be allowed to shareholders of such company under procedures prescribed by the Secretary. ‘‘(5) TREATMENT FOR ESTIMATED TAX PURPOSES.—Solely for purposes of sections 6654 and 6655, the credit allowed by this section (determined without regard to subsection (c)) to a taxpayer by reason of holding a clean renewable energy bond on a credit allowance date shall be treated as if it were a payment of estimated tax made by the taxpayer on such date. ‘‘(6) RATABLE PRINCIPAL AMORTIZATION REQUIRED.—A bond shall not be treated as a clean renewable energy bond unless it is part of an issue which provides for an equal amount of principal to be paid by the qualified issuer during each calendar year that the issue is outstanding. ‘‘(7) REPORTING.—Issuers of clean renewable energy bonds shall submit reports similar to the reports required under section 149(e). ‘‘(m) TERMINATION.—This section shall not apply with respect to any bond issued after December 31, 2007.’’. (b) REPORTING.—Subsection (d) of section 6049 (relating to returns regarding payments of interest) is amended by adding at the end the following new paragraph: ‘‘(8) REPORTING OF CREDIT ON CLEAN RENEWABLE ENERGY BONDS.— ‘‘(A) IN GENERAL.—For purposes of subsection (a), the term ‘interest’ includes amounts includible in gross income under section 54(g) and such amounts shall be treated as paid on the credit allowance date (as defined in section 54(b)(4)). ‘‘(B) REPORTING TO CORPORATIONS, ETC.—Except as otherwise provided in regulations, in the case of any interest described in subparagraph (A), subsection (b)(4) shall be applied without regard to subparagraphs (A), (H), (I), (J), (K), and (L)(i) of such subsection. ‘‘(C) REGULATORY AUTHORITY.—The Secretary may prescribe such regulations as are necessary or appropriate to carry out the purposes of this paragraph, including regulations which require more frequent or more detailed reporting.’’. (c) CONFORMING AMENDMENTS.— (1) The table of subparts for part IV of subchapter A of chapter 1 is amended by adding at the end the following new item:
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