the amount of the business credit carryforward under section 39 carried from the taxable year (determined before the application of this subsection to the taxable year). (3) Election (A) In general Any election under this subsection for any taxable year— (i) shall specify the amount of the credit to which such election applies, (ii) shall be made on or before the due date (including extensions) of the return for the taxable year, and (iii) may be revoked only with the consent of the Secretary. (B) Special rule for pass-thru entities In the case of a partnership, estate, S corporation, or other pass-thru entity, the election made under this subsection shall be made at the entity level. (f) Cost-of-Living adjustments In the case of any taxable year beginning after 2020, the $10,000 amount under subsection (b)(1)(A) shall be increased by an amount equal to— (1) such dollar amount, multiplied by (2) the cost-of-living adjustment under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2019 for 2016 in subparagraph (A)(ii) thereof. If any increase in such amount is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100. (g) Other rules For purposes of this section— (1) Rules relating to entities Rules similar to the rules of section 45T(e)(3) shall apply. (2) Election not to have credit apply (A) In general A taxpayer may elect not to have this section apply for any taxable year. (B) Other rules Rules similar to the rules of paragraphs (2) and (3) of section 51(j) shall apply for purposes of this paragraph. (3) Certain other rules made applicable Rules similar to the rules of subsections (c), (d), and (e) of section 52 shall apply. (h) Regulations The Secretary shall prescribe such regulations or other guidance as may be necessary to carrying out the provisions of this section, including regulations— (1) preventing the avoidance of the limitations under this section in cases in which there is a successor or new qualified business