(a) Election.--If a tax credit certificate is issued to a pass-through entity, the pass-through entity may elect in writing, according to procedures established by the department, to transfer all or a portion of the credit to shareholders, members or partners in proportion to the share of the entity's distributive income to which the shareholders, members or partners are entitled or in any other manner designated by the pass-through entity in accordance with its governance documents and without regard to how distributive income, losses or credits are allocated for other tax purposes.

(b) Limitation.--The same unused tax credit under subsection (a) may not be claimed by:

(c) Time.--A transferee under subsection (a) may only use a tax credit during a taxable year for which use of the credit is authorized under sections 1704-J(c)(4) and 1706-J.¹