The Secretary shall (in consultation with the Secretary of Health and Humans Services, the Administrator of the Food and Drug Administration, and the Director of the National Institutes of Health) prescribe regulations as may be necessary to carry out the purposes of this section, including establishing the application process and the criteria for allocation under subparagraph (B). Such regulations shall include the following: (i) Amounts shall be allocated based on scientific merit. (ii) Projects should include all phases of the research continuum. (iii) An emphasis on new therapeutics and devices targeted at central nervous system disorders and in the neurological and psychiatric fields. (iv) Standards for repurposing existing drugs and devices for new purposes. (v) Standards for public-private partnerships with priority given to collaborative efforts and sharing of intellectual property held by tax exempt entities involved in the project. (c) Transfer of credit (1) In general If, with respect to a credit under subsection (a) for any taxable year— (A) a tax-exempt entity would be the taxpayer (but for this paragraph), and (B) such entity elects the application of this paragraph for such taxable year with respect to all (or any portion specified in such election) of such credit, the eligible project partner specified in such election, and not the tax-exempt entity, shall be treated as the taxpayer for purposes of this title with respect to such credit (or such portion thereof). (2) Definitions For purposes of this subsection— (A) Tax-exempt entity The term tax-exempt entity means— (i) a Federal, State, Indian tribal government (as defined in section 7701(a)(4)), or local government entity, or any political subdivision, agency, or instrumentality thereof, and (ii) an organization described in section 501(c)(3) and exempt from tax under section 501(a). (B) Eligible project partner The term eligible project partner means any person who— (i) is identified in the application for allocation of credit under this