; and (2) shall regulate Bank activities to ensure compliance with the requirements set forth in this Act. 8. Infrastructure Guarantee Fund The Bank shall establish an Infrastructure Guarantee Fund that shall be used with respect to specific loans or loan guarantees made by the Bank in the event of any non-payment by the recipient of such loan or loan guarantee. 9. Holding Company and Bank exemption from taxation Effective for taxable years ending on or after the date of enactment of this Act, the Holding Company and the Bank, including franchises, capital, reserves, surplus, advances, and income of the Holding Company or Bank, shall be exempt from all taxation imposed by the United States and any State, county, municipal, or local taxing authority, except that any real property of the Holding Company and the Bank shall be subject to State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. 10. Federal Infrastructure Bank Holding Company credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended— (1) by adding at the end the following new section: 45AA. Federal Infrastructure Bank Holding Company credit (a) In general For purposes of section 38, in the case of a taxpayer who holds a qualified Holding Company equity investment on a credit allowance date of such investment which occurs during the taxable year, the Federal Infrastructure Bank Holding Company credit determined under this section for such taxable year is an amount equal to 10 percent of the amount paid to the Holding Company for such investment at its original issue. (b) Credit allowance date For purposes of this section, the credit allowance date with respect to any qualified Holding Company equity investment is— (1) the date on which such investment is initially made