this section. (g) Election This section shall apply to a taxpayer for a taxable year only if such taxpayer elects to have this section apply for such taxable year. . (2) Clerical amendment The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Contributions for qualified elementary and secondary education tuition. . (b) Credit for corporations (1) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45S. Contributions to scholarship granting organizations (a) General rule For purposes of section 38, in the case of a corporation, the education scholarship credit determined under this section for the taxable year is the aggregate amount of qualified contributions for the taxable year. (b) Limitation The amount of the credit determined under this section for any taxable year shall not exceed $100,000. (c) Qualified contributions For purposes of this section, the term qualified contribution has the meaning given such term under section 25E. (d) Denial of double benefit No deduction shall be allowed under any provision of this chapter for any expense for which a credit is allowed under this section. (e) Election This section shall apply to a taxpayer for a taxable year only if such taxpayer elects to have this section apply for such taxable year. . (2) Conforming amendments (A) Section 38(b) of such Code is amended by striking plus at the end of paragraph (35), by striking the period at the end of paragraph (36) and inserting , plus , and by adding at the end the following new paragraph: (37) the education scholarship credit determined under section 45S(a). . (B) The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 45S. Contributions to scholarship granting organizations. . (c) Excise tax on