Credit award by Secretary (A) In general The Secretary (in consultation with the Secretary of Education) shall determine which for profit organizations are allowed the credit under this section for a taxable year in such manner as the Secretary determines appropriate. (B) Majority of recipients must be MWOSBs, owned by veterans, or meet asset test In carrying out subparagraph (A), the majority of the taxpayers allowed a credit under paragraph (1) for a taxable year shall be entities that are— (i) either— (I) a socially and economically disadvantaged small business concern (as defined in section 8(a)(4)(A) of the Small Business Act ( 15 U.S.C. 637(a)(4)(A) )), (II) a small business concern owned and controlled by women (as defined under section 3(n) of such Act ( 15 U.S.C. 632(n) )), or (III) a small business concern (as used in section 3 of such Act ( 15 U.S.C. 632 )) that is at least 51 percent owned by veterans (as defined in section 101(2) of title 38, United States Code), or (ii) on the first day of the taxable year do not have more than $60,000,000,000 in assets. (C) Priority In making determinations under this paragraph, the Secretary shall give priority to taxpayers that have qualified programs which serve either urban or rural underserved areas (determined on the basis of the most recent United States census data available). (c) Limitations relating to expenditures (1) Direct activity Twenty-five percent of the amount allowed as a credit under subsection (a) shall be for amounts paid or incurred for direct activities as defined in section 5533(b)(1) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7267b(b)(1) )(as in effect on the day before the date of enactment of the Every Student Succeeds Act). (2) Subgrants Seventy-five percent of the amount allowed as a credit under subsection (a) shall be for amounts paid or incurred for subgrants (as defined in section 5533(b)(2) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7267b(b)(1) ), as in effect on the day before the