percent of the qualified small business entity, (B) an employee of such entity, or (C) any bank, bank and trust company, insurance company, trust company, national bank, savings association or building and loan association for activities that are a part of its normal course of business. (e) National limitation on amount of investments designated (1) In general There is an angel investment tax credit limitation of $500,000,000 for each of calendar years 2018 through 2022. (2) Allocation of limitation The limitation under paragraph (1) shall be allocated by the Secretary among qualified small business entities selected by the Secretary. (3) Carryover of unused limitation If the angel investment tax credit limitation for any calendar year exceeds the aggregate amount allocated under paragraph (2) for such year, such limitation for the succeeding calendar year shall be increased by the amount of such excess. No amount may be carried under the preceding sentence to any calendar year after 2027. (f) Application with other credits (1) Business credit treated as part of general business credit Except as provided in paragraph (2), the credit which would be allowed under subsection (a) for any taxable year (determined without regard to this subsection) shall be treated as a credit listed in section 38(b) for such taxable year (and not allowed under subsection (a)). (2) Personal credit (A) In general In the case of an individual who elects the application of this paragraph, for purposes of this title, the credit allowed under subsection (a) for any taxable year (determined after application of paragraph (1)) shall be treated as a credit allowable under subpart A for such taxable year. (B) Limitation based on amount of tax In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subpart A for any taxable year (determined after application of paragraph (1)) by reason of subparagraph (A) shall not exceed the excess of— (i) the sum of the regular tax liability (as defined in section