the aggregate of such contributions does not exceed the excess of the taxpayer’s contribution base over the amount of all other charitable contributions allowed under subsection (b)(1). (ii) Carryover If the aggregate amount of qualified contributions made in the contribution year (within the meaning of subsection (d)(1)) exceeds the limitation of clause (i), such excess shall be added to the excess described in the portion of subparagraph (A) of such subsection which precedes clause (i) thereof for purposes of applying such subsection. (B) Corporations (i) Limitation Any qualified contribution shall be allowed only to the extent that the aggregate of such contributions does not exceed the excess of the taxpayer’s taxable income (as determined under subsection (b)(2)) over the amount of all other charitable contributions allowed under such subsection. (ii) Carryover Rules similar to the rules of subparagraph (A)(ii) shall apply for purposes of this subparagraph. (3) Exception to overall limitation on itemized deductions So much of any deduction allowed under this section as does not exceed the qualified contributions paid during the taxable year shall not be treated as an itemized deduction for purposes of section 68 of such Code. (4) Qualified contributions (A) In general For purposes of this subsection, the term qualified contribution means any charitable contribution if— (i) such contribution— (I) is paid during the 120-day period beginning on the date a Federally declared disaster first occurred, in cash to an organization described in subsection (b)(1)(A), and (II) is made for relief efforts in the disaster area with respect to which such declaration relates, (ii) the taxpayer obtains from such organization contemporaneous written acknowledgment that such contribution was used (or is to be used) for relief efforts described in clause (i)(II), and (iii) the taxpayer has elected the application of this subsection with respect to such contribution. (B) Exception Such term shall not include a contribution by a