($2,400 in the case of a joint return). (b) Special rules (1) In general In the case of a taxpayer described in paragraph (2)— (A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return), and (B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer. (2) Taxpayer described A taxpayer is described in this paragraph if the taxpayer— (A) has qualifying income of at least $2,500, or (B) has— (i) net income tax liability which is greater than zero, and (ii) gross income which is greater than the basic standard deduction. (c) Treatment of credit The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1. (d) Limitation based on adjusted gross income 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 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return). (e) Definitions For purposes of this section— (1) Qualifying income The term qualifying income means— (A) earned income, (B) social security benefits (within the meaning of section 86(d)), and (C) any compensation or pension received under chapter 11, chapter 13, or chapter 15 of title 38, United States Code. (2) Net income tax liability The term net income tax liability means the excess of— (A) the sum of the taxpayer’s regular tax liability (within the meaning of section 26(b)) and the tax imposed by section 55 for the taxable year, over (B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1. (3) Eligible individual The term eligible individual means any individual other than— (A) any nonresident alien individual, (B) any individual with respect to whom a