Page:United States Statutes at Large Volume 107 Part 1.djvu/575

 PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 549 "(A) the issuer and any principal user in good faith attempted to meet such requirements, and "(B) any failure to meet such requirements is corrected within a reasonable period after such failure is first discovered. " (2) Loss OF DEDUCTIONS WHERE FACILITY CEASES TO BE QUALIFIED.—No deduction shall be allowed under this chapter for interest on any financing provided from any bond to which subsection (a) applies with respect to any facility to the extent such interest accrues during the period beginning on the first day of the calendar year which includes the date on which— "(A) substantially all of the facility with respect to which the financing was provided ceases to be used in an empowerment zone or enterprise community, or "(B) the principal user of such facility ceases to be an enterprise zone business (as defined in subsection (b)). shall not apply solely by reason of the termination or revocation of a designation as an empowerment zone or an enterprise community. "(4) EXCEPTION FOR BANKRUPTCY. — Paragraphs (1) and (2) shall not apply to any cessation resulting from bankruptcy. "PART III—ADDITIONAL INCENTIVES FOP EMPOWERMENT ZONES "SUBPART A. Empowerment zone employment credit. "SUBPART B. Admtional expensing. "SUBPART C. General provisions. ''Subpart A—Empowerment Zone Employment Credit "Sec. 1396. Empowerment zone employment credit. "Sec. 1397. Other definitions and special rules. <«EC. 1396. EMPOWERMENT ZONE EMPLOYMENT CREDIT. "(a) AMOUNT OF CREDIT. —For purposes of section 38, the amount of the empowerment zone employment credit determined under this section with respect to any employer for any taxable year is the applicable percentage of the qualified zone wages paid or incurred during the calendar year which ends with or within such taxable year. the term 'applicable percentage' means the percentage determined in accordance with the following table: In the case of wages paid or The applicable incurred during calendar year: percentage is: 1994 through 2001 20 2002 15 2003 10 2004 5 "(1) IN GENERAL.—For purposes of this section, the term 'qualihed zone wages' means any wages paid or incurred by
 * (3) EXCEPTION IF ZONE CEASES.—Paragraphs (1) and (2)
 * (b) APPLICABLE PERCENTAGE. —For purposes of this section,
 * (c) QUALIFIED ZONE WAGES.—

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