project partner for a specified period, then, the eligible project partner specified in such election (and not the taxpayer) shall be treated for purposes of this title with respect to such credit (or such portion thereof) as the person producing and selling the electricity to which such credit (or portion thereof) relates. (2) Deduction for payments in connection with transfer There shall be allowed as a deduction under part VI of subchapter B an amount equal to the amount paid by a taxpayer as consideration for a transfer described in paragraph (1). (3) Eligible project partner (A) For purposes of this subsection, the term eligible project partner means, with respect to any qualified facility, any person who— (i) has an ownership interest in such qualified facility, (ii) provided equipment for or services in the construction of such qualified facility, (iii) provides electric transmission or distribution services for such qualified facility, (iv) purchases electricity from such qualified facility pursuant to a contract, or (v) provides financing for such qualified facility. (B) For purposes of subparagraph (A)(v), any amount paid as consideration for a transfer described in paragraph (1) shall not be treated as financing of a qualified facility. (4) 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 electing taxpayer’s taxable year with respect to which the credit was determined. (5) Limitations on election (A) Time for election An election under this subsection 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. (B) No further transfers No election may be made under this subsection by a taxpayer with respect to any