files the return specified in section 45S(e)(4)(A)(ii) an amount equal to the payroll tax credit portion determined under section 45S(e)(2). (2) Limitation The credit allowed by paragraph (1) shall not exceed the tax imposed by subsection (a) for any calendar quarter on the wages paid with respect to the employment of all individuals in the employ of the employer. (3) Carryover of unused credit If the amount of the credit under paragraph (1) exceeds the limitation of paragraph (2) for any calendar quarter, such excess shall be carried to the succeeding calendar quarter and allowed as a credit under paragraph (1) for such quarter. (4) Deduction allowed for credited amounts The credit allowed under paragraph (1) shall not be taken into account for purposes of determining the amount of any deduction allowed under chapter 1 for taxes imposed under subsection (a). . (d) Simplified filing for certain small businesses The Secretary of the Treasury shall provide for a method of filing returns of tax and information returns required under the Internal Revenue Code of 1986 in a simplified format, to the extent possible, for employers with less than $5,000,000 in annual gross receipts (as determined under guidance provided by the Secretary). (e) Regulations relating to postsecondary credentials Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor, in consultation with the Secretary of the Treasury, shall issue regulations or other guidance applying the definition of the term recognized postsecondary credential as provided in section 3 of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3102 ). (f) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.