tax credit for taxable years beginning in or with such calendar year, over (II) the base amount for such calendar year, or (ii) the product of 3, multiplied by the base amount for such calendar year. (B) Base amount (i) Base amount for 2021 In the case of calendar year 2021, the term base amount means the greater of— (I) the cost to Puerto Rico of the earned income tax credit for taxable years beginning in or with calendar year 2019 (rounded to the nearest multiple of $1,000,000), or (II) $200,000,000. (ii) Inflation adjustment In the case of any calendar year after 2021, the term base amount means the dollar amount determined under clause (i) increased by an amount equal to— (I) such dollar amount, multiplied by— (II) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting calendar year 2020 for calendar year 2016 in subparagraph (A)(ii) thereof. Any amount determined under this clause shall be rounded to the nearest multiple of $1,000,000. (4) Rules related to payments and reports (A) Timing of payments The Secretary shall make payments under paragraph (1) for any calendar year— (i) after receipt of the report described in subparagraph (B) for such calendar year, and (ii) except as provided in clause (i), within a reasonable period of time before the due date for individual income tax returns (as determined under the laws of Puerto Rico) for taxable years which began on the first day of such calendar year. (B) Annual reports With respect to calendar year 2021 and each calendar year thereafter, Puerto Rico shall provide to the Secretary a report which shall include— (i) an estimate of the costs described in paragraphs (1)(B)(i) and (3)(A)(i)(I) with respect to such calendar year, and (ii) a statement of such costs with respect to the preceding calendar year. (C) Adjustments (i) In general In the event that any estimate of an amount is more or less than the actual amount as later determined and any payment under paragraph (1) was determined on the basis