124 STAT. 882 PUBLIC LAW 111–148—MAR. 23, 2010 (B) REGULATIONS.—In the case of investments of an ongoing nature, the Secretary shall issue regulations to determine the date on which a qualified investment shall be deemed to have been made for purposes of this para- graph. (4) QUALIFIED INVESTMENT.—For purposes of this sub- section, the term ‘‘qualified investment’’ means a qualified investment that is certified under section 48D(d) of the Internal Revenue Code of 1986 for purposes of the credit under such section 48D. (5) APPLICATION OF CERTAIN RULES.— (A) IN GENERAL.—In making grants under this sub- section, the Secretary of the Treasury shall apply rules similar to the rules of section 50 of the Internal Revenue Code of 1986. In applying such rules, any increase in tax under chapter 1 of such Code by reason of an invest- ment ceasing to be a qualified investment shall be imposed on the person to whom the grant was made. (B) SPECIAL RULES.— (i) RECAPTURE OF EXCESSIVE GRANT AMOUNTS.— If the amount of a grant made under this subsection exceeds the amount allowable as a grant under this subsection, such excess shall be recaptured under subparagraph (A) as if the investment to which such excess portion of the grant relates had ceased to be a qualified investment immediately after such grant was made. (ii) GRANT INFORMATION NOT TREATED AS RETURN INFORMATION.—In no event shall the amount of a grant made under paragraph (1), the identity of the person to whom such grant was made, or a description of the investment with respect to which such grant was made be treated as return information for purposes of section 6103 of the Internal Revenue Code of 1986. (6) EXCEPTION FOR CERTAIN NON-TAXPAYERS.—The Sec- retary of the Treasury shall not make any grant under this subsection to— (A) any Federal, State, or local government (or any political subdivision, agency, or instrumentality thereof), (B) any organization described in section 501(c) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of such Code, (C) any entity referred to in paragraph (4) of section 54(j) of such Code, or (D) any partnership or other pass-thru entity any partner (or other holder of an equity or profits interest) of which is described in subparagraph (A), (B) or (C). In the case of a partnership or other pass-thru entity described in subparagraph (D), partners and other holders of any equity or profits interest shall provide to such partnership or entity such information as the Secretary of the Treasury may require to carry out the purposes of this paragraph. (7) SECRETARY.—Any reference in this subsection to the Secretary of the Treasury shall be treated as including the Secretary’s delegate. (8) OTHER TERMS.—Any term used in this subsection which is also used in section 48D of the Internal Revenue Code Definition.
