(1)), the amount chargeable to capital account for the taxable year for such expenses shall be reduced by the amount of such excess. (3) Election of reduced credit (A) In general In the case of any taxable year for which an election is made under this paragraph— (i) paragraphs (1) and (2) shall not apply, and (ii) the amount of the credit under section 41(a) shall be the amount determined under subparagraph (B). (B) Amount of reduced credit The amount of credit determined under this subparagraph for any taxable year shall be the amount equal to the excess of— (i) the amount of credit determined under section 41(a) without regard to this paragraph, over (ii) the product of— (I) the amount described in clause (i), and (II) the rate of tax under section 11(b). (C) Election An election under this paragraph for any taxable year shall be made not later than the time for filing the return of tax for such year (including extensions), shall be made on such return, and shall be made in such manner as the Secretary may prescribe. Such an election, once made, shall be irrevocable. (4) Controlled groups Paragraph (3) of subsection (b) shall apply for purposes of this subsection. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2021.