is not a future interest in property, and (ii) shall not be treated as a qualified transfer under section 2503(e). (B) Treatment of excess contributions for gift tax purposes If the aggregate amount of contributions described in subparagraph (A) during the calendar year by a donor exceeds the limitation for such year under section 2503(b), such aggregate amount shall, at the election of the donor, be taken into account for purposes of such section ratably over the 5-year period beginning with such calendar year. (3) Distributions (A) In general Any distribution under a qualified first-time homeowner assistance program shall be includible in the gross income of the distributee in the manner as provided under section 72 to the extent not excluded from gross income under this paragraph. (B) Distributions for qualified down payment assistance For purposes of this paragraph, if— (i) distributions under a qualified first-time homeowner assistance program do not exceed the qualified down payment assistance, no amount shall be includible in gross income, and (ii) in any other case, the amount otherwise includible in gross income shall be reduced by an amount which bears the same ratio to such amount as such assistance bear to such distributions. (C) Change in beneficiaries or programs (i) Rollovers Subparagraph (A) shall not apply to that portion of any distribution which, within 60 days of such distribution, is transferred— (I) to another qualified distribution under a qualified first-time homeowner assistance program or the benefit of the designated beneficiary, or (II) to the credit of another designated beneficiary under a qualified distribution under a qualified first-time homeowner assistance program who is a member of the family of the designated beneficiary with respect to which the distribution was made. (ii) Change in designated beneficiaries Any change in the designated beneficiary of an interest in a qualified distribution under a qualified first-time homeowner assistance program shall not be treated as a