“ Limitation Based on Adjusted Gross Income.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f) ) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer's adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return) . ”

“ Taxpayer described.—A taxpayer is described in this paragraph if the taxpayer— `` (A) has qualifying income of at least $3,000, or `` (B) has— `` (i) net income tax liability which is greater than zero, and `` (ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return) . ”

“ Net income tax liability.—The term `net income tax liability' means the excess of— `` (A) the sum of the taxpayer's regular tax liability (within the meaning of section 26 (b) ) and the tax imposed by section 55 for the taxable year, over `` (B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1. ”

“ Eligible individual.—The term `eligible individual' means any individual other than— `` (A) any nonresident alien individual, `` (B) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins, and `` (C) an estate or trust. ”

“ Social security administration.— For an additional amount for ``Social Security Administration—Limitation on Administrative Expenses ́ ́, $31,000,000, to remain available until September 30, 2008. (2) Reports.— No later than 15 days after enactment of this Act, the Secretary of the Treasury shall submit a plan to the Committees on Appropriations of the House of Representatives and the Senate detailing the expected use of the funds provided by paragraph (1) (A) . ”