; special rules based on marital and filing status (1) Dollar limitation The credit allowed under subsection (a) shall not exceed $15,000. (2) Limitation based on purchase price The amount allowable as a credit under subsection (a) (determined without regard to this paragraph and paragraph (3), and after the application of paragraph (1)) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so allowable as— (A) the excess (if any) of— (i) the purchase price of the residence, over (ii) an amount equal to 110 percent of the conforming loan limit applicable to the residence, bears to (B) $100,000. For purposes of the preceding sentence, the term conforming loan limit with respect to any residence means the applicable limitation governing the maximum original principal obligation for a mortgage secured by a residence of the same type, as determined and adjusted annually under section 302(b)(2) of the Federal National Mortgage Association Charter Act and section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act. (3) Limitation based on modified adjusted gross income (A) In general The amount allowable as a credit under subsection (a) (determined without regard to this paragraph and after the application of paragraphs (1) and (2)) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so allowable as— (i) the excess (if any) of— (I) the taxpayer's modified adjusted gross income for the preceding taxable year, over (II) the applicable threshold, bears to (ii) $50,000. (B) Modified adjusted gross income For purposes of subparagraph (A), the term modified adjusted gross income with respect to any taxable year means the adjusted gross income of the taxpayer for such taxable year increased by any amount excluded from gross income under section 911, 931, or 933 for such taxable year. (C) Applicable threshold For purposes of subparagraph (A), the applicable threshold is— (i) except