gross income taken into account The modified adjusted gross income of the taxpayer that is taken into account for purposes of subparagraph (A) shall be the lesser of— (i) the modified adjusted gross income for the taxable year with respect to which the credit is claimed, or (ii) the modified adjusted gross income for the immediately preceding taxable year. (C) Modified adjusted gross income For purposes of subparagraph (A), the term modified adjusted gross income means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933. (c) Qualified electric bicycle For purposes of this section— (1) In general The term qualified electric bicycle means a bicycle or tricycle— (A) the original use of which commences with the taxpayer, (B) which is acquired for use by the taxpayer and not for resale, (C) which is not property of a character subject to an allowance for depreciation or amortization in the hands of the taxpayer, (D) which is made by a qualified manufacturer and is labeled with the qualified vehicle identification number assigned to such bicycle or tricycle by such manufacturer, (E) with respect to which the aggregate amount paid for such acquisition does not exceed $8,000, (F) which is a class 1 electric bicycle or tricycle, a class 2 electric bicycle or tricycle, or a class 3 electric bicycle or tricycle, (G) which is equipped with— (i) fully operable pedals, (ii) a saddle or seat for the rider, and (iii) an electric motor of less than 750 watts which is designed to provide assistance in propelling the bicycle or tricycle and— (I) does not provide such assistance if the bicycle or tricycle is moving in excess of 20 miler per hour, or (II) if such motor only provides such assistance when the rider is pedaling, does not provide such assistance if the bicycle or tricycle is moving in excess of 28 miles per hour, (H) which is not equipped with any motor other than the motor described in subparagraph (G)(iii), (I) which is not capable of exceeding the speed limitation