; and (B) by striking subsection (d)(3)(A)(ii)(II)) and inserting subsection (d)(3)(A)(ii)(II), and $14,000 in the case of any individual who is an ex-felon by reason of subsection (d)(4)) . (2) Inflation adjustment Section 51(b) of such Code is amended by adding at the end the following: (4) Adjustment for inflation In the case of any taxable year beginning after 2021, the $14,000 dollar amount contained in paragraph (3) relating to ex-felons shall be increased by an amount equal to the product of— (A) such dollar amount, and (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 2020 for calendar year 1992 in subparagraph (B) thereof. If any increase determined under the preceding sentence is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . (c) Qualified ex-Felon Section 51(d)(4)(B) of such Code is amended by striking 1 year and inserting 3 years . (d) Effective date The amendments made by this section shall apply to individuals who begin work for the employer after December 31, 2019. C Community Investment and Empowerment Act 15531. Short title This subpart may be cited as the Community Investment and Empowerment Act . 15532. Purpose The purpose of this subpart is to assist with the economic growth of economically disadvantaged communities that have potential for strong Class 1 commercial investment, but continue to have a difficult time recruiting Class 1 commercial investment. 15533. Economic growth, retention, and recruitment of commercial investment in underserved communities The Small Business Investment Act of 1958 ( 15 U.S.C. 661 et seq.) is amended by adding at the end the following new title: VI ECONOMIC GROWTH, RETENTION, AND RECRUITMENT OF COMMERCIAL INVESTMENT IN ECO­NOM­I­CAL­LY DISADVANTAGED COMMUNITIES 511. Grant program (a) Authorization From amounts appropriated under section 513, the Administrator shall make grants on a competitive basis to