3003. Youth and summer jobs (a) Intern wage credit (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: 45S. Intern wage credit (a) In general For purposes of section 38, in the case of an eligible small business employer, the intern wage credit for any taxable year is an amount equal to 10 percent of the wages paid by the taxpayer during such taxable year to qualified interns for whom an election is in effect under this section. (b) Limitations (1) Credit The credit allowed under subsection (a) with respect to any taxpayer for any taxable year shall not exceed an amount equal to the excess (if any) of— (A) $3,000, over (B) the credit allowed under subsection (a) with respect to such taxpayer for all preceding taxable years. (2) Interns An election may not be made under this section with respect to more than 5 qualified interns for any taxable year. (c) Definitions and special rules For purposes of this section— (1) Eligible small employer The term eligible small employer means any person which employed not more than 500 employees during the preceding taxable year. Rules similar to the rules of section 448(c)(3) shall apply. (2) Eligible wages The term eligible wages means any remuneration paid by the taxpayer to an individual for services rendered as an employee. (3) Qualified intern The term qualified intern means any individual who, during the period for which wages are taken into account under subsection (a), is— (A) enrolled at an eligible educational institution (as defined in section 25A(f)(2)), (B) seeking a degree at such institution in a field of study closely related to the work performed for the taxpayer, and (C) supervised and evaluated by the taxpayer. (4) Controlled group All persons treated as a single employer under subsection (a) or (b) of section 52 shall be treated as a single employer for purposes of this section. (5) Related individuals ineligible Rules similar to the rules of section