(2) of section 41(f) shall apply for purposes of this section. (2) Election This section shall apply to any taxpayer for any taxable year only if such taxpayer elects (at such time and in such manner as the Secretary may by regulations prescribe) to have this section apply for such taxable year. (g) Treatment of Credit for Qualified Small Businesses (1) In general Under rules similar to the rules of section 41(h), section 3111(f) shall apply to the payroll tax credit portion of the credit otherwise determined under subsection (a) for the taxable year and such portion shall not be treated (other than for purposes of section 280C) as a credit determined under subsection (a). (2) Federal firearms licensee exception For purposes of this subsection, the payroll tax credit portion of the credit otherwise determined under subsection (a) shall be determined without regard to whether the taxpayer is a Federal firearms licensee. . (b) Denial of double benefit Section 280C of such Code is amended by adding at the end the following new subsection: (i) Credit for smart gun technology expenses (1) In general No deduction shall be allowed for that portion of the smart gun technology expenses (as defined in section 45T(b)) otherwise allowable as a deduction for the taxable year which is equal to the amount of the credit allowable for the taxable year under section 45T (determined without regard to section 38(c) thereof). (2) Similar rule where taxpayer capitalizes rather than deducts expenses If— (A) the amount of the credit allowable for the taxable year under section 45T (determined without regard to section 38(c)), exceeds (B) the amount allowable as a deduction for the taxable year for smart gun technology expenses (determined without regard to paragraph (1)), the amount chargeable to capital account for the taxable year for such expenses shall be reduced by the amount of such excess. (3) Controlled groups In the case of a corporation which is a member of a controlled group of corporations (within the meaning of section