of this chapter for any expense for which a credit is allowed under this section. (e) 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. (f) 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 4 of the USA Workforce Tax Credit Act . . (2) Clerical amendment The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25E the following new item: Sec. 25F. Qualified Workforce Development and Apprenticeship Training Programs. . (b) Business credit (1) In general Subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new section: 45BB. Contributions to workforce development or apprenticeship training organizations (a) General rule For purposes of section 38, in the case of a corporation, the workforce development and apprenticeship training credit determined under this section for the taxable year is the aggregate amount of qualified contributions for the taxable year. (b) Limitation (1) Income limitation The amount of the credit determined under this section for any taxable year shall not exceed the lesser of— (A) 25 percent of the tax liability of the taxpayer for the taxable year, and (B) $250,000. (2) Reduction based on state credit The amount allowed as a credit under subsection (a) for a taxable year shall be reduced by the amount allowed as a credit on any State tax return of the individual for qualified contributions made by the taxpayer during the taxable year. (3) Qualified contributions For purposes of this section, the term qualified contribution has the meaning given such term under section 25F. (c) Denial of double benefit No deduction shall be allowed under any provision of this chapter for any expense for which a