(

a) Notwithstanding any provision of this part or

Part 10.2 (commencing with

Section 18401) to the contrary, except as provided in subdivision (d), for taxpayers not required to be included in a combined report under

Section or 25110, or taxpayers not authorized to be included in a combined report under

Section 25101.15, for each taxable year beginning on or after January 1, 2020, and before January 1, 2022, the total of all credits otherwise allowable under any provision of

Chapter 3.5 (commencing with

Section 23604) including the carryover of any credit under a former provision of that chapter, for the taxable year shall not reduce the “tax,” as defined in

Section 23036, by more than five million dollars ($5,000,000). (

b) Notwithstanding any provision of this part or

Part 10.2 (commencing with

Section 18401) to the contrary, except as provided in subdivision (d), for taxpayers required to be included in a combined report under

Section or 25110, or taxpayers authorized to be included in a combined report under

Section 25101.15, for each taxable year beginning on or after January 1, 2020, and before January 1, 2022, the total of all credits otherwise allowable under any provision of

Chapter 3.5 (commencing with

Section 23604), including the carryover of any credit under a former provision of that chapter, by all members of the combined report shall not reduce the aggregate amount of “tax,” as defined in

Section 23036, of all members of the combined report by more than five-million-dollars ($5,000,000). (

c) Any amounts included in an election pursuant to

Section 6902.5, relating to an irrevocable election to apply credit amounts under

Section 17053.85, 17053.95, 17053.98, 23685, 23695, or against qualified sales and use tax, as defined in

Section 6902.5, are not included in the five million dollar ($5,000,000) limitation set forth in subdivision (

a) or (b). (

d) The limitation under subdivision (

a) or (

b) shall not apply to the credit allowed by

Section 23610.5 (relating to credit for low-income housing). (

e) The amount of any credit otherwise allowable for the taxable year under

Section that is not allowed due to the application of this

section shall remain a credit carryover amount under this part. (

f) The carryover period for any credit that is not allowed due to the application of this

section shall be increased by the number of taxable years the credit or any portion thereof was not allowed. (

g) Chapter 3.5 (commencing with

Section 11340) of Part of Division of Title of the Government Code does not apply to any standard, criterion, procedure, determination, rule, notice, or guideline established or issued by the Franchise Tax Board pursuant to this section. (

h) The amendments made to this

section by the act adding this subdivision shall be operative for taxable years beginning on or after January 1, 2022.