; and (iii) in subparagraph (P)— (I) by striking 24(h)(2) and inserting 36C(g)(2) ; (II) by striking 24 and inserting 36C ; and (III) by striking (h)(2) thereof and inserting (g)(2) thereof . (I) Section 6402(m) of such Code is amended by striking 24 (by reason of subsection (d) thereof) or 32 and inserting 32 or 36C . (J) Section 6695(g) of such Code is amended by striking 24, 25A(a)(1), or 32 and inserting 25A(a)(1), 32, or 36C . (K) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting , 36C after 36B . (b) Modification of credit (1) Credit amount Subsection (a) of section 36C of the Internal Revenue Code of 1986, as redesignated by subsection (a)(1), is amended to read as follows: (a) Allowance of credit In the case of a taxpayer with 1 or more qualifying children, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 45 percent of the taxpayer's earned income (within the meaning of section 32) which is taken into account in computing taxable income for the taxable year. . (2) Limitations Subsection (b) of section 36C of such Code, as so redesignated, is amended to read as follows: (b) Limitation (1) In general The amount of the credit determined under subsection (a) for any taxable year shall not exceed an amount equal to the product of $1,000 and the number of qualifying children of the taxpayer for the taxable year. (2) Reduction based on modified adjusted gross income (A) In general The amount which would (but for this paragraph) be allowable as a credit under this section (determined after the application of paragraph (1)) shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the taxpayer's modified adjusted gross income exceeds— (i) $110,000, in the case of a joint return, (ii) $75,000, in the case of an individual who is not married, and (iii) $55,000, in the case of a married individual filing a separate return. (B) Marital status