§ 853A. Credits from tax credit bonds allowed to shareholders
(a)
General rule
A regulated investment company—
(1)
which holds (directly or indirectly) one or more tax credit bonds on one or more applicable dates during the taxable year, and
may elect the application of this section with respect to credits allowable to the investment company during such taxable year with respect to such bonds.
(b)
Effect of election
If the election provided in subsection (a) is in effect for any taxable year—
(1)
the regulated investment company shall not be allowed any credits to which subsection (a) applies for such taxable year,
(2)
the regulated investment company shall—
(c)
Statements to shareholders
For purposes of subsection (b)(3), the shareholder’s proportionate share of—
shall not exceed the amounts so reported by the regulated investment company in a written statement furnished to such shareholder.
(d)
Manner of making election
The election provided in subsection (a) shall be made in such manner as the Secretary may prescribe.
(e)
Definitions and special rules
(1)
Definitions
For purposes of this subsection—
(f)
Regulations, etc.
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.