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107 STAT. 556 PUBLIC LAW 103-66—AUG. 10, 1993 (2) as paragraph (3) and by inserting after paragraph (1) the following new paragraph: "(2) EMPOWERMENT ZONE EMPLOYMENT CREDIT MAY OFFSET 25 PERCENT OF MINIMUM TAX.— "(A) IN GENERAL.—^In the case of the empowerment zone employment credit credit— "(i) this section and section 39 shall be applied separately witii respect to such credit, and "(ii) for purposes of applying paragraph (1) to such credit— "(1) 75 percent of the tentative minimum tax shall be substituted for the tentative minimum tax under subparagraph (A) thereof, and "(11) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the credit allowed under subsection (a) for the taxable year (other than the empowerment zone employ- ment credit). "(B) EMPOWERMENT ZONE EMPLOYMENT CREDIT.—For purposes of this paragraph, the term 'empowerment zone employment credit' means the portion of the credit under subsection (a) which is attributable to the credit determined under section 1396 (relating to empowerment zone employ- ment credit)." (d) AMENDMENT OF TARGETED JOBS CREDIT.—Subparagraph (A) of section 51(iXl) is amended by inserting ", or, if the taxpayer is an entity other than a corporation, to any individual who owns, directly or indirectly, more than 50 percent of the capital and profits interests in the entity," after "of tne corporation". 26 use 381. (e) CARRYOVERS.—Subsection (c) of section 381 (relating to carryovers in certain corporate acquisitions) is amended by adding at the end the following new paragraph: "(26) ENTERPRISE ZONE PROVISIONS.—The acquiring cor- poration shall take into account (to the extent proper to carry out the purposes of this section and subchapter U, and under such regulations as may be prescribed by the Secretary) the items required to be taken into accoiuit for purposes of subchapter U in respect of the distributor or transferor corpora- tion." 26 use 38 note. SEC. 13308. EFFECTIVE DATE. The amendments made by this part shall take effect on the date of the enactment of this Act. PART 11—CREDIT FOR CONTRIBUTIONS TO CERTAIN COMMUNITY DEVELOPMENT COR- PORATIONS 26 use 38 note. SEC. 13311. CREDIT FOR CONTRIBUTIONS TO CERTAIN COMMUNITY DEVELOPMENT CORPORATIONS. (a) IN GENERAL.—For purposes of section 38 of the Internal Revenue Code of 1986, the current year business credit shall include the credit determined iinder this section. (b) DETERMINATION OF CREDIT.—The credit determined under this section for each taxable year in the credit period with respect