(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 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 25F(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 subject to the provisions of section 25F, to the extent applicable. (d) 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. . (2) Credit part of general business credit Section 38(b) is amended— (A) by striking plus at the end of paragraph (39)