to the credit determined under subsection (a). (l) Application of section This section shall apply only to qualified fixed expenses paid or accrued after March 12, 2020, and before January 1, 2021. 20213. Business interruption credit for certain self-employed individuals (a) Credit against tax In the case of an eligible self-employed individual, there shall be allowed as a credit against the tax imposed by chapter 1 of subtitle A of the Internal Revenue Code of 1986 for the taxpayer’s first taxable year beginning in 2020 an amount equal to 90 percent of the eligible self-employed individual’s qualified self-employment income. (b) Limitations (1) Overall limitation The amount of qualified self-employment income taken into account under subsection (a) with respect to any eligible self-employed individual shall not exceed $45,000. (2) Limitation based on modified adjusted gross income (A) In general The amount of the credit allowed by subsection (a) (after application of paragraph (1)) shall be reduced (but not below zero) by 50 percent of so much of the taxpayer’s modified adjusted gross income for the taxpayer’s first taxable year beginning in 2020 as exceeds $60,000 ($120,000 in the case of a joint return). (B) Modified adjusted gross income For purposes of this section the term modified adjusted gross income means adjusted gross income determined without regard to sections 911, 931, and 933 of such Code. (c) Eligible self-employed individual For purposes of this section, the term eligible self-employed individual means an individual— (1) who— (A) regularly carries on one or more trades or businesses within the meaning of section 1402 of such Code, or (B) is allocated income or loss described in section 702(a)(8) of such Code from any trade or business carried on by a partnership which is not excluded under section 1402 of such Code, and (2) for whom gross self-employment income during the first taxable year beginning in 2020 is less than 90 percent of such individual’s gross self-employment income during the