Add Tax Credits Back to Adjusted EBITDA

In calculating EBITDA for a flow through corporation (S-Corp or LLC) if the corporation has an incentive tax credit like the WOTC (Worker Opportunity Tax Credit) that flows through to a shareholders or members K-1 is it customary to add the credit to adjusted EBITDA, and if so do you tax-effect it before applying the EBITDA multiple to obtain the market valuation?

For instance if you are willing to pay 5X EBITDA and EBITDA for the measurement period is $1M and the tax credit is $50K, and assuming an incremental tax rate of 40%, would you be willing to pay: $1M + $50K/.40 = $1.125M X 5 = $5.625M?