State and local authority Nothing in this section or section 45AA shall be construed to modify a State or local government’s authority and responsibility to fund education. (e) Limitations (1) Tax liability No credit allowed under this section or section 45AA shall exceed the taxpayer’s Federal income tax liability for the taxable year. (2) Prohibitions A taxpayer is prohibited from selling or transferring any portion of a tax credit allowed under this section or section 45AA. (3) Denial of double benefit The Secretary shall prescribe such regulations or other guidance to ensure that 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 45AA 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 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 of is amended by inserting after the item relating to section 25E the following new item: Sec. 25F. Contributions to eligible scholarship-granting organizations and eligible workforce training 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: 45AA. Contributions to eligible scholarship-granting organizations and eligible workforce training organizations (a) Allowance