of chapter 31 of title 40, United States Code (commonly referred to as the Davis-Bacon Act ), shall not apply with respect to any area designated as an Economic Freedom Zone under this Act. 602. Economic Freedom Zone charitable tax credit (a) In general Section 170 of the Internal Revenue Code of 1986 is amended by redesignating subsection (p) as subsection (q) and by inserting after subsection (o) the following new subsection: (o) Election To treat contributions for Economic Freedom Zone charities as a credit (1) In general In the case of an individual, at the election of the taxpayer, so much of the deduction allowed under subsection (a) (determined without regard to this subsection) which is attributable to Economic Freedom Zone charitable contributions— (A) shall be allowed as a credit against the tax imposed by this chapter for the taxable year, and (B) shall not be allowed as a deduction for such taxable year under subsection (a). Any amount allowable as a credit under this subsection shall be treated as a credit allowed under subpart A of part IV of subchapter A for purposes of this title. (2) Amount attributable to economic freedom zone charitable contributions For purposes of paragraph (1)— (A) In general In any case in which the total charitable contributions of a taxpayer for a taxable year exceed the contribution base, the amount of Economic Freedom Zone charitable contributions taken into account under paragraph (1) shall be the amount which bears the same ratio to the total charitable contributions made by the taxpayer during such taxable year as the amount of the deduction allowed under subsection (a) (determined without regard to this subsection and after application of subsection (b)) bears to the total charitable contributions made by the taxpayer for such taxable year. (B) Carryovers In the case of any contribution carried from a preceding taxable year under subsection (d), such amount shall be treated as attributable to an Economic Freedom Zone charitable contribution in the amount that bears