; and (22) in order to preserve manufactured home communities in the future, a Federal tax benefit should be established to induce manufactured home community owners to sell such properties to residents that the owners have known for decades, or to nonprofit organizations. 3. Tax credit for manufactured home community sale to residents or nonprofit entity (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business related credits) is amended by adding at the end the following new section: 45S. Manufactured home community sale to residents or nonprofit entity (a) Allowance of credit For purposes of section 38, the manufactured home community sale credit determined under this section for any taxable year is an amount equal to 75 percent of the qualified gain received by the taxpayer during the taxable year. (b) Definitions For purposes of this section— (1) Qualified gain The term qualified gain means gain from the sale or exchange of real property to a qualified manufactured home community cooperative or corporation if— (A) the real property is acquired for use as a manufactured home community, (B) the seller (or any related person) owned the property for the entire 2-year period ending on the day before the sale or exchange, and (C) the property is transferred subject to a binding covenant that the property will be used as a manufactured home community for not less than 50 years. (2) Manufactured home community The term manufactured home community means a community comprised primarily of manufactured homes used solely for residential purposes and owned by a manufactured home community cooperative or corporation. (3) Qualified manufactured home community cooperative or corporation (A) In general The term qualified manufactured home community cooperative or corporation means a cooperative or a nonprofit corporation established pursuant to the laws of the State in which the property used as a manufactured home community is located, and which— (i) in the