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131 STAT. 2174 PUBLIC LAW 115–97—DEC. 22, 2017 (b) CONTROLLED GROUP AND SINGLE TAXPAYER RULES.—Para- graph (4) of section 5041(c) is amended by striking ‘‘section 5051(a)(2)(B)’’ and inserting ‘‘section 5051(a)(5)’’. (c) ALLOWANCE OF CREDIT FOR FOREIGN MANUFACTURERS AND IMPORTERS.—Subsection (c) of section 5041, as amended by sub- section (a), is amended— (1) in subparagraph (A) of paragraph (8), by inserting ‘‘but only if the importer is an electing importer under paragraph (9) and the wine gallons of wine have been assigned to the importer pursuant to such paragraph’’ after ‘‘into the United States during the calendar year’’, and (2) by adding at the end the following new paragraph: ‘‘(9) ALLOWANCE OF CREDIT FOR FOREIGN MANUFACTURERS AND IMPORTERS.— ‘‘(A) IN GENERAL.—In the case of any wine gallons of wine which have been produced outside of the United States and imported into the United States, the credit allowable under paragraph (8) (referred to in this para- graph as the ‘tax credit’) may be assigned by the person who produced such wine (referred to in this paragraph as the ‘foreign producer’), provided that such person makes an election described in subparagraph (B)(ii), to any electing importer of such wine gallons pursuant to the requirements established by the Secretary under subpara- graph (B). ‘‘(B) ASSIGNMENT.—The Secretary shall, through such rules, regulations, and procedures as are determined appro- priate, establish procedures for assignment of the tax credit provided under this paragraph, which shall include— ‘‘(i) a limitation to ensure that the number of wine gallons of wine for which the tax credit has been assigned by a foreign producer— ‘‘(I) to any importer does not exceed the number of wine gallons of wine produced by such foreign producer during the calendar year which were imported into the United States by such importer, and ‘‘(II) to all importers does not exceed the 750,000 wine gallons of wine to which the tax credit applies, ‘‘(ii) procedures that allow the election of a foreign producer to assign and an importer to receive the tax credit provided under this paragraph, ‘‘(iii) requirements that the foreign producer pro- vide any information as the Secretary determines nec- essary and appropriate for purposes of carrying out this paragraph, and ‘‘(iv) procedures that allow for revocation of eligi- bility of the foreign producer and the importer for the tax credit provided under this paragraph in the case of any erroneous or fraudulent information pro- vided under clause (iii) which the Secretary deems to be material to qualifying for such credit. ‘‘(C) CONTROLLED GROUP.—For purposes of this section, any importer making an election described in subparagraph (B)(ii) shall be deemed to be a member of the controlled 26 USC 5041. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00122 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS