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exclusion is completely phased out for modified adjusted gross income of $154,800 or more for joint returns and $98,200 or more for all other returns. .20 Adoption Assistance Programs. For taxable years beginning in 2021, under § 137(a)(2), the amount that can be excluded from an employee’s gross income for the adoption of a child with special needs is $14,440. For taxable years beginning in 2021, under § 137(b)(1) the maximum amount that can be excluded from an employee’s gross income for the amounts paid or expenses incurred by an employer for qualified adoption expenses furnished pursuant to an adoption assistance program for other adoptions by the employee is $14,440. The amount excludable from an employee’s gross income begins to phase out under § 137(b)(2)(A) for taxpayers with modified adjusted gross income in excess of $216,660 and is completely phased out for taxpayers with modified adjusted gross income of $256,660 or more. (See section 3.04 of this revenue procedure for the adjusted items relating to the adoption credit.) .21 Private Activity Bonds Volume Cap. For calendar year 2021, the amounts used under § 146(d) to calculate the State ceiling for the volume cap for private activity bonds is the greater of (1) $110 multiplied by the State population, or (2) $324,995,000. .22 Loan Limits on Agricultural Bonds. For calendar year 2021, the loan limit amount on agricultural bonds under § 147(c)(2)(A) for first-time farmers is $558,000. .23 General Arbitrage Rebate Rules. For bond years ending in 2021, the amount of the computation credit determined under § 1.148-3(d)(4) of the Income Tax Regulations is $1,780. .24 Safe Harbor Rules for Broker Commissions on Guaranteed Investment Contracts or Investments Purchased for a Yield Restricted Defeasance Escrow. For calendar