; and (2) by inserting after subsection (e) the following new subsection: (f) Inflation adjustment (1) In general In the case of a calendar year beginning after 2020, the $120,000 amount in paragraph (2) of subsection (a) and the dollar amounts in subsection (c) shall each 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 by substituting calendar year 2019 for calendar year 2016 in subparagraph (A)(ii) thereof. (2) Rounding If any dollar amount, after being increased under paragraph (1), is not a multiple of $100, such dollar amount shall be rounded to the next lowest multiple of $100. . (e) Credit To be refundable (1) In general The Internal Revenue Code of 1986 is amended— (A) by redesignating section 21 as section 36C