income percentage
Defined in 1 place of the United States Code.
The term “income percentage” means the percentage (but not greater than 100 percent) which—
(i) the excess of—
(I) the modified adjusted gross income of the taxpayer for the taxable year in which the disposition occurs, over
(II) the adjusted qualifying income for such taxable year, bears to
(ii) $5,000.
Source
- 2013–present26 U.S.C. § 143Internal Revenue Code · Mortgage revenue bonds: qualified mortgage bond and qualified veterans mortgage bond · for purposes of this section
The term "income percentage" means the percentage (but not greater than 100 percent) which—
(i) the excess of—
(I) the modified adjusted gross income of the taxpayer for the taxable year in which the disposition occurs, over
(II) the adjusted qualifying income for such taxable year, bears to
(ii) $5,000.
The percentage determined under the preceding sentence shall be rounded to the nearest whole percentage point (or, if it includes a half of a percentage point, shall be increased to the nearest whole percentage point).
Source
- 1994–201526 U.S.C. § 143Internal Revenue Code · Mortgage revenue bonds: qualified mortgage bond and qualified veterans mortgage bond · for purposes of this section