Title IV — Education

“30E. Nanotechnology education and training program expenses

“(a) Allowance of credit

“(1) In general—There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 50 percent of nanotechnology education and training program expenses paid or incurred by the taxpayer for the benefit of—

“(A) in the case of a taxpayer engaged in a trade or business, an employee of the taxpayer, or

“(B) in the case of a taxpayer who is an individual not so engaged, such individual.

“(2) Coordination of credits—Credit shall be allowable to the employer with respect to an employee only to the extent that the employee assigns some or all of the limitation applicable to such employee under subsection (b) to such employer.

“(b) Limitations

“(1) In general—The amount of expenses with respect to any individual which may be taken into account under subsection (a) for the taxable year shall not exceed $4,000.

“(2) Increase in credit amount for participation in certain programs and for certain individuals—Paragraph (1) shall be applied by substituting “$5,000” for “$4,000” in the case of expenses—

“(A) with respect to a program operated—

“(i) in an empowerment zone or enterprise community designated under part I of subchapter U or a renewal community designated under part I of subchapter X,

“(ii) in a school district in which at least 50 percent of the students attending schools in such district are eligible for free or reduced-cost lunches under the school lunch program established under the Richard B. Russell National School Lunch Act,

“(iii) in an area designated as a disaster area by the Secretary of Agriculture under section 321 of the Consolidated Farm and Rural Development Act or by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in the taxable year or the 4 preceding taxable years,

“(iv) in a rural enterprise community designated under section 766 of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999 (112 Stat. 2681–37),

“(v) in an area designated by the Secretary of Agriculture as a Rural Economic Area Partnership Zone,

“(vi) in an area over which an Indian tribal government (as defined in section 7701(a)(40)) has jurisdiction, or

“(vii) by an employer who has 200 or fewer employees for each business day in each of 20 or more calendar weeks in the current or preceding calendar year, or

“(B) in the case of an individual with a disability.

“(c) Nanotechnology education and training program expenses—For purposes of this section—

“(1) In general—The term nanotechnology education and training program expenses means expenses paid or incurred by reason of the participation of the taxpayer (or any employee of the taxpayer) in any nanotechnology education and training program. Such expenses shall include expenses paid in connection with—

“(A) course work,

“(B) certification testing,

“(C) programs carried out under the Act of August 16, 1937 (50 Stat. 664, chapter 663; 29 U.S.C. 50 et seq.) which are registered by the Department of Labor, and

“(D) other expenses that are essential to assessing skill acquisition.

“(2) Nanotechnology education and training program—The term nanotechnology education and training program means a training program in nanotechnology workplace disciplines or other skill sets which is provided in the United States by an accredited college, university, private career school, postsecondary educational institution, a commercial nanotechnology provider, or an employer-owned nanotechnology training organization.

“(3) Commercial nanotechnology training provider—The term commercial nanotechnology training provider means a private sector organization providing a nanotechnology education and training program.

“(4) Employer-owned nanotechnology training organization—The term employer-owned nanotechnology training organization means a private sector organization that provides nanotechnology training to its employees using internal training development and delivery personnel. The training programs must use industry-recognized training disciplines and evaluation methods, comparable to institutional and commercial training providers.

“(d) Denial of double benefit

“(1) Disallowance of other credits and deductions—No deduction or credit shall be allowed under any other provision of this chapter for expenses taken into account in determining the credit under this section.

“(2) Reduction for hope and lifetime learning credits—The amount taken into account under subsection (a) shall be reduced by the nanotechnology education and training program expenses taken into account in determining the credits under section 25A.

“(e) Certain rules made Applicable—For purposes of this section, rules similar to the rules of section 45A(e)(2) and subsections (c), (d), and (e) of section 52 shall apply.

“(f) Application with other credits—The credit allowed by subsection (a) for any taxable year shall not exceed the excess (if any) of—

“(1) the regular tax for the taxable year reduced by the sum of the credits allowable under the subpart A and the previous sections of this subpart, over

“(2) the tentative minimum tax for the taxable year.”

“(2) Eligible educational institution—The term eligible educational institution means—

“(A) an institution—

“(i) which is described in section 101(b) or 102(a) of the Higher Education Act of 1965, and

“(ii) which is eligible to participate in a program under title IV of such Act, or

“(B) a commercial nanotechnology training provider (as defined in section 30E(c)(3)).”