lesser of— (A) the amount of the credit determined under subsection (a) with respect to such entity, or (B) the amount of the payroll taxes (as defined in section 45R(f)(3) of such Code) of such entity during the calendar year in which the taxable year begins, as determined without regard to any credit against such taxes. (2) Limited carryback Rules similar to subsection (b)(1) shall apply for purposes of this subsection. (d) Definitions For purposes of this section— (1) Eligible entity (A) In general The term eligible entity means a person engaged in a trade or business which— (i) includes— (I) organizing, promoting, producing, or managing live events, and (II) the sale to members of the general public (directly or through a third party) of tickets to attend such events, and (ii) for the preceding taxable year, had an average number of full-time equivalent employees (as defined in section 45R(d)(2) of the Internal Revenue Code of 1986) which is equal to or less than 500. (B) Aggregation rule All persons treated as a single employer under subsection (b), (c), (m), or (o) of section 414 of the Internal Revenue Code of 1986 shall be treated as a single taxpayer for purposes of subparagraph (A). (C) Exclusion The term eligible entity shall not include any person engaged in professional football, basketball, baseball, or other professional sport. (2) Live event The term live event means any live concert, comedy show, sporting event, or theatrical production for which tickets were made available to members of the general public by the eligible entity not less than 6 weeks prior to such concert, show, event, or production. (3) Qualified ticket refund The term qualified ticket refund means any refund paid by the eligible entity to an individual who purchased a ticket which entitled such individual to attend a live event which was cancelled or postponed due to the virus SARS–CoV–2 or coronavirus disease 2019 (COVID–19), provided that— (A) the eligible entity made a good faith effort to offer such individual the option