(2) Transfer of credit (A) In general An employer described in subparagraph (C) may transfer any credit to which paragraph (1) applies through an assignment to any other person. Such transfer may be revoked only with the consent of the Secretary. (B) Regulations The Secretary shall prescribe such regulations as necessary to ensure that any credit described in subparagraph (A) is assigned once and not reassigned by such other person. (C) Employer described An employer is described in this subparagraph if the employer is— (i) a State or political subdivision thereof, the District of Columbia, a possession of the United States, or an agency or instrumentality of any of the foregoing, (ii) an Indian tribal government (within the meaning of section 7871) or any agency or instrumentality thereof, or (iii) any entity exempt from taxation under section 501(a). (D) Transfer proceeds treated as arising from essential government function Any proceeds derived by a person described in clause (i) or (ii) of subparagraph (C) from the transfer under subparagraph (A) of any credit to which paragraph (1) applies shall be treated as arising from the exercise of an essential government function. (E) Credit not income Any transfer under subparagraph (A) of any credit to which paragraph (1) applies shall not be treated as income for purposes of section 501(c)(12). . (b) Credit allowed as part of general business credit Section 38(b) of the Internal Revenue Code of 1986 (defining current year business credit) is amended by striking plus at the end of paragraph (35), by striking the period at the end of paragraph (36) and inserting , plus , and by adding at the end the following new paragraph: (37) the employer-provided employee housing assistance credit determined under section 45S(a). . (c) Conforming amendments (1) Subsection (c) of section 196 of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (13), by striking the period at the end of paragraph (14) and inserting , and , and by adding at the