and (II) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the credit allowed under subsection (a) for the taxable year (other than the employer-provided student loan repayment credit), and (iii) the amount of such credits in excess of the limitation under paragraph (1) (as modified by subparagraph (B)(ii)) shall be treated as a credit under subpart C. (B) Specified small business For purposes of this paragraph, the term specified small business means— (i) an eligible small business (determined by substituting $5,000,000 for $50,000,000 in paragraph (5)(C)), or (ii) a corporation, partnership, or sole proprietorship which during the preceding taxable year employed not more than 100 full-time employees. For purposes of clause (ii), an employee shall be considered full-time if such employee is employed at least 30 hours per week for 20 or more calendar weeks in the taxable year and all members of the same controlled group of corporations (within the meaning of section 52(a)) and all persons under common control (within the meaning of section 52(b)) shall be treated as 1 person. . (2) Conforming amendments (A) Section 38(c)(2)(A)(ii)(II) of such Code is amended by striking and the specified credits and inserting the specified credits, and the employer-provided student loan repayment credit determined under section 45S(a) . (B) Section 38(c)(3)(A)(ii)(II) of such Code is amended by striking and the specified credits and inserting , the specified credits, and the employer-provided student loan repayment credit determined under section 45S(a) . (C) Section 38(c)(4)(A)(ii)(II) of such Code is amended by inserting and the employer-provided student loan repayment credit determined under section 45S(a) after specified credits . (D) Section 1324(b)(2) of title 31, United States Code, is amended by inserting 38(c)(6), after 36B, . (d) Clerical amendment The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following