married individual filing a separate return), plus (B) $500 for each qualifying child (as defined in section 152(c)) of the individual, but not to exceed $1,500. (2) Limitation based on adjusted gross income (A) In general The amount allowable as a credit under subsection (a) (after the application of paragraph (1) and determined without regard to this paragraph) for the taxable year shall be reduced (but not below zero) by $2 for every $50 by which the taxpayer’s modified adjusted gross income for such taxable year exceeds $75,000 ($150,000 in the case of a joint return). (B) Modified adjusted gross income The term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933. (c) Qualified travel expense For purposes of this section— (1) In general The term qualified travel expense means any amount paid or incurred for travel within the United States which is at least 50 miles from the individual's home and includes an overnight stay, including amounts paid or incurred for food and beverages, lodging, recreation, transportation, amusement or entertainment, including live entertainment and sporting events, and gasoline. (2) Minimum amount Any expense (determined by treating all items on a single receipt as 1 expense) which is less than $25 shall not be taken into account under paragraph (1). (3) United States The term United States includes the territories and possessions of the United States. (4) Exception For purposes of paragraph (1), amounts paid with respect to a residence or other lodging owned by the individual shall not be treated as qualified travel expenses. (d) Election To carry credit to preceding year At the election of the taxpayer, any credit allowable under this section for a taxable year may be carried back (in its entirety) to the preceding taxable year and treated as a credit allowed under this subpart for such year. (e) Restrictions No credit shall be allowed to an