educational attainment, and (3) other criteria as determined by the Secretary of Housing and Urban Development and the Secretary of Agriculture. The Secretary of Housing and Urban Development and the Secretary of Agriculture may set minimal standards for the levels of unemployment and poverty that must be satisfied for designation as a Promise Zone. 1400V–2. Promise Zone employment credit (a) Amount of credit For purposes of section 38, the amount of the Promise Zone employment credit determined under this section with respect to any employer for any taxable year is the applicable percentage of the qualified wages paid or incurred during the calendar year which ends with or within such taxable year. (b) Applicable percentage For purposes of this section, the term applicable percentage means— (1) in the case of qualified wages described in subsection (c)(1)(A), 20 percent, and (2) in the case of qualified wages described in subsection (c)(1)(B), 10 percent. (c) Qualified wages For purposes of this section— (1) In general The term qualified wages means any wages paid or incurred by an employer for services performed by an employee while such employee is— (A) a qualified zone employee, or (B) a qualified resident employee. (2) Only first $15,000 of wages per year taken into account With respect to each qualified employee, the amount of qualified wages taken into account for a calendar year shall not exceed $15,000. (3) Coordination with work opportunity credit (A) In general The term qualified wages shall not include wages taken into account in determining the credit under section 51. (B) Coordination with dollar limitation The $15,000 amount in paragraph (2) shall be reduced for any calendar year by the amount of wages paid or incurred during such year which are taken into account in determining the credit under section 51. (4) Wages The term wages has the meaning given such term by section 1397(a). (d) Qualified employee For purposes of this section— (1) Qualified employee The term qualified employee means any