formula manufacturing investment credit. . (c) Credit made transferable Section 6418(f)(1) of such Code is amended by adding at the end the following new clause: (xii) The domestic infant formula manufacturing investment credit determined under section 48F. . (d) Elective payment of credit Section 6417(b) of such Code is amended by adding at the end the following new paragraph: (13) The domestic infant formula manufacturing investment credit determined under section 48F. . (e) Certain nonrecourse financing excluded from credit base Section 49(a)(1)(C) of such Code is amended by striking and at the end of clause (vii), by striking the period at the end of clause (viii) and inserting , and , and by adding at the end the following new clause: (ix) the basis of any eligible property (as defined in section 48F(c)(3)) which is part of a qualifying infant formula manufacturing project under section 48F. . (f) Clerical amendment The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48E the following new item: Sec. 48F. Domestic infant formula manufacturing investment credit. . (g) Effective date The amendments made by this section shall apply to projects the construction of which commences after the date of the enactment of this Act. 3. Infant formula production credit (a) In general Subpart D of part IV of subchapter A of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45BB. Infant formula production credit (a) In general In the case of a qualified taxpayer, for purposes of section 38, the infant formula production credit for any taxable year is an amount equal to the product of— (1) the amount in pounds (determined consistent with regulations issued under section 48F(g) with respect to liquid concentrate) of eligible infant formula manufactured by such taxpayer and sold for use in the United States during such taxable year, multiplied by (2) $2. (b) Qualified taxpayer For purposes