or business if the average number of employees employed by such person on business days during the taxable year was 500 or fewer. (d) Treatment of contributions (1) In general There shall be allowed as a deduction for the taxable year an amount equal to so much of the account beneficiary’s contributions for the taxable year to all small business start-up savings accounts maintained for the benefit of such beneficiary as do not exceed the contribution limitations in effect for the taxable year under paragraph (2). (2) Contribution limitation (A) In general The amount allowable as a deduction under paragraph (1) with respect to all small business start-up savings accounts maintained for the benefit of any person shall not exceed the lesser of— (i) $10,000, or (ii) $150,000, reduced by the aggregate contributions by such person for all taxable years with respect to all small business start-up savings accounts of the taxpayer. (B) Cost of living adjustment (i) In general In the case of a taxable year beginning after 2020, the $10,000 amount in subparagraph (A) shall be 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 the calendar year in which the taxable year begins, determined by substituting calendar year 2019 for calendar year 1992 in subparagraph (A)(ii) thereof. (ii) Rounding If any amount as adjusted under clause (i) is not a multiple of $500, such amount shall be rounded to the next lowest multiple of $500. (3) Rollovers from retirement plans not allowed Under regulations prescribed by the Secretary, a person may make a rollover contribution to a small business start-up savings account only in the case of a rollover from another small business start-up savings account. (4) Treated as deduction for individuals and corporations For purposes of chapter 1, the deduction allowed under paragraph (1) shall be treated as a deduction specified in part VI of subchapter B of chapter 1 (relating to itemized deductions for