contribution was made. (e) Reports Each officer or employee having control of the qualified distribution under a qualified first-time homeowner assistance program or their designee shall make such reports regarding such program to the Secretary and to designated beneficiaries with respect to contributions, distributions, and such other matters as the Secretary may require. The reports required by this subsection shall be filed at such time and in such manner and furnished to such individuals at such time and in such manner as may be required by the Secretary. (f) Regulations Notwithstanding any other provision of this section, the Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section and to prevent abuse of such purposes, including regulations under chapters 11, 12, and 13 of this title. . (b) Conforming amendments (1) Tax on Excess Contributions (A) In general Subsection (a) of section 4973 of such Code is amended by striking or at the end of paragraph (5), by inserting or at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph: (7) a first-time homeowner assistance account (as defined in section 530A), . (B) Excess contribution Section 4973 of such Code is amended by adding at the end the following new subsection: (i) Excess Contributions to first-Time homeowner assistance account For purposes of this section— (1) In general In the case of a first-time homeowner assistance account (as defined in section 530A) (within the meaning of section 529A), the term excess contributions means the amount by which the amount contributed for the taxable year to such account (other than contributions under section 530A(d)(3)(C)) exceeds the contribution limit under section 530A(b)(2)(C). (2) Special rule For purposes of this subsection, any contribution which is distributed out of the first-time homeowner assistance account (as so defined) in a distribution to which the last sentence of section 530A(d)(6)(C) applies shall