PUBLIC LAW 103-66 —AUG. 10, 1993 107 STAT. 555 SEC. 1397D. REGULATIONS. "The Secretary shall prescribe such regulations as may be necessaipr or appropriate to carry out the purposes of parts II and III, including— "(1) regulations limiting the benefit of parts II and III in circumstances where such benefits, in combination with benefits provided vmder other Federal programs, would result in an activity being 100 percent or more subsidized by the Federal Government, "(2) regulations preventing abuse of the provisions of parts II and III, and "(3) regi:Qations dealing with inadvertent failures of entities to be enterprise zone businesses." (b) CLERICAL AMENDMENT. — The table of subchapters for chapter 1 is amended by inserting after the item relating to subchapter T the following new item: "Subchapter U. Designation and treatment of empowerment zones, enterprise communities, and rural development investment areas." SEC. 13302. TECHNICAL AND CONFORMING AMENDMENTS. (a) EMPOWERMENT ZONE EMPLOYMENT CREDIT PART OF GEN- ERAL BUSINESS CREDIT.— (1) Subsection (b) of section 38 (relating to current year 26 USC 38. business credit) is amended by striking "plus" at the end of paragraph (7), by striking the period at the end of paragraph (8) and inserting ", and", and by adding at the end the following new paragraph: (9) the empowerment zone employment credit determined under section 1396(a). (2) Subsection (d) of section 39 is amended by adding at the end the following new paragraph: "(4) EMPOWERMENT ZONE EMPLOYMENT CREDIT. —NO portion of the unused business credit which is attributable to the credit determined under section 1396 (relating to empowerment zone employment credit) may be carried to any taxable year ending before January 1, 1994." (b) DENIAL OF DEDUCTION FOR PORTION OF WAGES EQUAL TO EMPOWERMENT ZONE EMPLOYMENT CREDIT. — (1) Subsection (a) of section 280C (relating to rule for targeted jobs credit) is amended— (A) by striking "the amount of the credit determined for the taxable year under section 51(a)" and inserting "the simi of the credits determined for the taxable year under sections 51(a) and 1396(a)", and (B) by striking TARGETED JOBS CREDIT" in the subsection heading and inserting "EMPLOYMENT CREDITS". (2) Subsection (c) of section 196 (relating to deduction for certain unused business credits) is amended by striking "and" at Uie end of paragraph (4), by striking the period at the end of paragraph (5) and inserting ", and", and by adding at the end the following new paragraph: "(6) the empowerment zone employment credit determined under section 1396(a)." (c) EMPOWERMENT ZONE EMPLOYMENT CREDIT MAY OFFSET 25 PERCENT OF MINIMUM TAX. — (1) IN GENERAL.— Section 38(c) (relating to limitation based on amount of tax) is amended by redesignating paragraph
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