BobKamman
Level 15
03-03-2021
04:53 PM
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Not the way it works under the House bill. And the Senate apparently would change the last line of this from $25,000 to $5,000.
(d) LIMITATION BASED ON ADJUSTED GROSS INCOME.—
(1) IN GENERAL.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by the amount which bears the same ratio to such credit (as so determined) as—
(A) the excess of—
(i) the taxpayer’s adjusted gross income for such taxable year, over
(ii) $75,000, bears to
(B) $25,000.