The phasedown may not push the cap below $10,000
What the document says“The reduction under clause (i) shall not result in the applicable limitation amount being less than $10,000.”
The section provides that the phasedown may not bring the applicable limitation amount below $10,000.
What the document actually says“The reduction under clause (i) shall not result in the applicable limitation amount being less than $10,000.”
That sentence, in plain words
The cut may not push the cap below $10,000. That is a floor.
What this is about
So even a high income leaves $10,000. The cut stops once it reaches that point. The floor is fixed in the law.
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