For purposes of subclause (VII), any amount paid as consideration for a transfer described in clause (i) shall not be treated as financing of a qualified facility. (iv) 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 clause (i), such credit shall be taken into account in the first taxable year of the eligible project partner ending with, or after, the electing taxpayer’s taxable year with respect to which the credit was determined. (v) Limitations on election (I) Time for election An election under this subparagraph to transfer any portion of the credit allowed under this section shall be made not later than the due date for the return of tax for the electing taxpayer’s taxable year with respect to which the credit was determined. (II) No further transfers No election may be made under this subparagraph by a taxpayer with respect to any portion of the credit allowed under this section which has been previously transferred to such taxpayer under this subparagraph. (vi) 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 subparagraph shall not be taken into account as a private business use. (vii) Additional election requirements The Secretary may prescribe such regulations as may be appropriate to carry out the purposes of this subparagraph, including— (I) rules for determining which persons are eligible project partners with respect to any qualified facility, and (II) requiring information to be included in an election under clause (i) or imposing additional reporting requirements. (viii) Transition rules Any election made under this subparagraph with respect to a qualified facility for any taxable years beginning before the date of enactment of the Renewable Energy Transferability Act shall not apply to any taxable years beginning after the date of enactment of such Act, and the person described in