shall be allowed under any provision of this chapter for any expense for which a credit is allowed under this section. (d) 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. (e) Application of volume cap A contribution shall be taken into account under this section only if such contribution is recognized by the Secretary as applying against the volume cap established under section 5 of the USA Workforce Tax Credit Act . . (2) Conforming amendments Section 38(b) of such Code is amended by striking plus at the end of paragraph (31), by striking the period and inserting , plus at the end of paragraph (32), and by adding at the end the following new paragraph: (33) the workforce development or apprenticeship training credit determined under section 45T(a). . (3) Clerical amendment 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. 45T. Contributions to workforce development or apprenticeship training organizations. . 3. Tax credit for contributions to scholarship granting organizations (a) Credit for individuals (1) In general Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by this Act, is amended by inserting after section 25E the following new section: 25F. Qualified elementary and secondary education scholarships (a) Allowance of credit In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the amount of qualified contributions made by the taxpayer during the taxable year. (b) Dollar limitations (1) Income limitation The amount allowed as a credit under subsection (a) with respect to any taxpayer shall not exceed the lesser of— (A) 25 percent of the tax liability of the taxpayer, and (B) $250,000. (2) Reduction based on state credit The amount allowed as a credit under subsection (a)