thereof) for the taxable year. (b) Individual retirement accounts (1) In general For purposes of taxable years beginning in 2020, the limitation in effect under section 219(b)(1) of such Code (and any limitation determined by reference to subparagraph (A) thereof) shall not be less than an amount equal to the lesser of— (A) 300 percent of the amount otherwise in effect under such subparagraph for the taxable year (determined without regard to this paragraph), or (B) an amount equal to the compensation includible in the individual’s gross income for such taxable year. (2) Simple retirement accounts In the case of elective employer contributions to a simple retirement account (as defined in section 408(p) of such Code) for 2020, the applicable dollar amount under paragraph (2)(E) thereof shall not be less than an amount equal to the lesser of— (A) 300 percent of the amount otherwise in effect under such paragraph for the year (determined without regard to this paragraph), or (B) the employee’s compensation. (c) Compensation (1) In general Except as otherwise defined for purposes of the provision to which one of the preceding subsections relates, the term compensation for purposes of this section shall have the meaning given such term in section 219 of such Code. (2) Election to substitute 2019 compensation For purposes of determining the amount of an individual’s compensation under subsections (a) and (b), in lieu of compensation for 2020 or taxable years beginning in 2020, individuals may elect to use compensation for 2019 or taxable years beginning 2019.