; and (E) by striking 45 and inserting 86.40 . (2) Earned income amount and phaseout amount (A) In general Subparagraph (A) of section 32(b)(2) of such Code is amended by striking Subject to subparagraph (B), the earned income amount and the phaseout amount and inserting “Subject to subparagraph (B)— (i) Phaseout amount The phaseout amount is $18,340. (ii) Earned income amount The earned income amount . (B) Credit phase-in ends Section 32(b)(2)(A)(ii) of such Code, as amended by subparagraph (A), is further amended by striking the table and inserting the following: In the case of an The earned income  eligible individual with: amount is: 1 qualifying child $10,000 2 or more qualifying children $14,040 No qualifying children $10,000. . (b) Eligibility age Subclause (II) of section 32(c)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended by striking 25 and inserting 21 . (c) Conforming and technical amendment Paragraph (1) of section 32(j) of the Internal Revenue Code of 1986 is amended to read as follows: (1) In general In the case of any taxable year beginning after 2016, each of the dollar amounts in subsections (b)(2) and (i)(1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined— (i) in the case of amounts in subsection (b)(2)(A), by substituting calendar year 2016 for calendar year 1992 in subparagraph (B) thereof, and (ii) in the case of amounts in subsection (i)(1), by substituting calendar year 1995 for calendar year 1992 in subparagraph (B) thereof. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2016. 3. Advance payment of earned income credit (a) In general Chapter 25 of subtitle C of the Internal Revenue Code of 1986 is amended by inserting after section 3506 the following new section: 3507. Advance payment of earned income credit (a) Advance payment (1) In general An