building or residence constructed by the taxpayer shall be treated as purchased by the taxpayer on the date the taxpayer first occupies the residence, or places such building in service, as the case may be. (4) Transfer of credit (A) In general If a taxpayer elects the application of this paragraph for any taxable year, the amount of credit determined under this section for such year which would (but for this paragraph) be allowable to the taxpayer shall be allowable to the person designated by the taxpayer. The person so designated shall be treated as the taxpayer for purposes of this title. (B) Treatment of amounts paid for assignment If any amount is paid to the person who assigns the credit determined under this section, then no portion of such amount shall be includible in such person’s gross income. (5) Basis adjustment For purposes of this subtitle, if a credit is allowed under this section with respect to any qualified building or residence, the basis of such building or residence shall be reduced by the amount of the credit so allowed. (6) Application without credits (A) Business credit treated as part of general business credit So much of the credit which would be allowed under subsection (a) for any taxable year (determined without regard to this paragraph) that is attributable to property of a character subject to an allowance for depreciation shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)). (B) Personal credit For purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of subparagraph (A)) shall be treated as a credit allowable under subpart A for such taxable year. (7) Carbon storage certification Under the certification process established under subsection (b)(2)(A), the Secretaries shall additionally establish a process for certifying to the taxpayer the amount of carbon dioxide stored by a building or residence as determined under (b)(2)(B)(iii). . (b) Clerical amendment