or loan guarantee under the Rural Electrification Act of 1936. (B) Eligible project partner The term eligible project partner means any person who— (i) is responsible for, or participates in, the design or construction of the qualified emerging energy property to which the credit under subsection (a) relates, (ii) is a financial institution providing financing for the construction or operation of such property, or (iii) has an ownership interest in such property. (3) Special rules (A) Application to partnerships In the case of a credit under subsection (a) which is determined at the partnership level— (i) for purposes of paragraph (1)(A), a qualified public entity shall be treated as the taxpayer with respect to such entity’s distributive share of such credit, and (ii) the term eligible project partner shall include any partner of the partnership. (B) Taxable year in which credit taken into account In the case of any credit (or portion thereof) with respect to which an election is made under paragraph (1), such credit shall be taken into account in the first taxable year of the eligible project partner ending with, or after, the qualified public entity’s taxable year with respect to which the credit was determined. (C) Treatment of transfer under private use rules For purposes of section 141(b)(1), any benefit derived by an eligible project partner in connection with an election under this subsection shall not be taken into account as a private business use. . (b) Credit made part of investment credit Section 46 of such Code is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting , and , and by adding at the end the following new paragraph: (7) the emerging energy technology credit. . (c) Conforming amendments (1) Section 49(a)(1)(C) of such Code is amended by striking and at the end of clause (iv), by striking the period at the end of clause (v) and inserting , and , and by adding at the end the following new clause: (vi) the basis of any