the sum of the tax benefits provided by Federal, State, or local law for a qualified contribution receiving a Federal tax credit in any taxable year shall not exceed the sum of the qualified contributions made by the taxpayer for the taxable year. (f) Carryover of credit If a tax credit allowed under this section or section 45T is not fully used within the applicable taxable year because of insufficient tax liability on the part of the taxpayer, the unused amount may be carried forward for a period not to exceed 5 years. (g) Election This section shall apply to a taxpayer for a taxable year only if the taxpayer elects to have this section or section 45T apply for such taxable year. (h) Alternative minimum tax For purposes of calculating the alternative minimum tax under section 55, a taxpayer may use any credit received for a qualified contribution under this section. . (2) Clerical amendment The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Contributions to eligible scholarship-granting organizations. . (b) Credit for corporations (1) In general Subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following new section: 45T. Contributions to eligible scholarship-granting organizations (a) Allowance of credit For purposes of section 38, in the case of a domestic corporation, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of any qualified contributions (as defined in section 25E(c)(1)) made by such corporation taxpayer during the taxable year. (b) Amount of credit The credit allowed under subsection (a) for any taxable year shall not exceed 5 percent of the taxable income (as defined in section 170(b)(2)(D)) of the domestic corporation for such taxable year. (c) Additional provisions For purposes of this section, any qualified contributions made by a domestic corporation shall be