be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the economic assistance amount determined for such taxable year. (b) Economic assistance amount For purposes of this section, the term economic assistance amount means, with respect to any taxpayer for any taxable year, the sum of— (1) $1,500 ($3,000 in the case of a joint return), plus (2) $1,500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer for such taxable year (not in excess of 3 such children). (c) Phaseout 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 amount as— (A) the excess (if any) of the adjusted gross income for the taxpayer’s first taxable year beginning in 2020 over the applicable phaseout amount, bears to (B) 50 percent of the applicable phaseout amount. (2) Applicable phaseout amount For purposes of this subsection, the term applicable phaseout amount means— (A) $150,000 in the case of a joint return or a surviving spouse (as defined in section 2(a)), (B) $112,500 in the case of a head of household (as defined in section 2(b)), and (C) $75,000 in any other case. (3) Adjusted gross income For purposes of this subsection (other than this paragraph), the term adjusted gross income means adjusted gross income determined without regard to sections 911, 931, and 933. (d) Eligible individual For purposes of this section, the term eligible individual means any individual other than— (1) any nonresident alien individual, (2) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins, and (3) an estate or trust. (e) Special rules (1) Credit treated as refundable The credit allowed by subsection