SECTION 2. INTRODUCTION

Section 15316 of the Food, Conservation, and Energy Act of 2008, Public L. No. 110–246, 122 Stat. 1651 (2008) (the “Act”), added sections 54A and 54B to the Code. Section 54A sets forth general provisions applicable to qualified tax credit bonds and provides that the term “qualified tax credit bond” means a QFCB that is part of an issue that meets the requirements in section 54A(d)(2), (3), (4), (5), and (6). Section 54B(a) defines a QFCB and authorizes the issuance of QFCBs for one or more qualified forestry conservation purposes. No more than $500,000,000 of QFCBs may be issued. Under section 54B(d), the Secretary of the Treasury (or his or her delegate) must make allocations of the QFCB National Limitation among qualified forestry conservation purposes in the manner that the Secretary determines is appropriate to ensure that all of the QFCB National Limitation is allocated before the date that is 24 months after the date of enactment of the Act. The Internal Revenue Service (IRS) has responsibility for making these allocations in coordination with the United States Forest Service (USFS) and relevant State authorities.