Credit for employer contributions (1) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 45T. Employee educational skills and development expenses (a) General rule For purposes of section 38, the employee educational skills and development contribution credit determined under this section for any taxable year is 25 percent of the nonelective contributions made by the taxpayer during the taxable year to a Coverdell lifelong learning account (as defined in section 530(b)) the designated beneficiary of which is an employee of the taxpayer. (b) Special rules and definitions For purposes of this section— (1) Employee (A) Certain employees excluded The term employee shall not include— (i) an employee within the meaning of section 401(c)(1), (ii) any 2-percent shareholder (as defined in section 1372(b)) of an S corporation, (iii) any 5-percent owner (as defined in section 416(i)(1)(B)(i)) of taxpayer, or (iv) any individual who bears any of the relationships described in subparagraphs (A) through (G) of section 152(d)(2) to, or is a dependent described in section 152(d)(2)(H) of, an individual described in clause (i), (ii), or (iii). (B) Leased employees The term employee shall include a leased employee within the meaning of section 414(n). (2) Nonelective contribution The term nonelective contribution means an employer contribution other than an employer contribution pursuant to a salary reduction arrangement. (3) Aggregation and other rules made applicable (A) Aggregation rules All employers treated as a single employer under subsection (b), (c), (m), or (o) of section 414 shall be treated as a single employer for purposes of this section. (B) Other rules Rules similar to the rules of subsections (c), (d), and (e) of section 52 shall apply. . (2) Credit treated as part of general business credit Section 38(b) of such Code is amended by striking plus at the end of paragraph (31), by striking the period at the end