; and (2) annually thereafter, a report prepared by the Secretary of the Treasury of Puerto Rico of the estimated cost of such expansion in the year of the report and an updated estimate of the actual cost of such expansion in the preceding year. Puerto Rico shall submit to the Secretary the report in paragraph (1) or (2) on or after January 15 of the year in which the expanded earned income credit will be paid in Puerto Rico, and the Secretary shall make each annual payment within three weeks of receiving the report. (b) Annual payment (1) The payment in any year shall comprise the base payment for that year and the adjustment for any underpayment or overpayment made in the prior year. (2) The base payment for a year shall be the estimated cost for that year under subsection (a) or $612,000,000, whichever is less. (3) The adjustment for a year shall be an increase equal to any underpayment in the prior year, or a decrease equal to any overpayment in the prior year. (A) An underpayment in the prior year is the amount by which the base payment in the prior year would have been higher if the estimated cost in the prior year under subsection (a) had equaled the updated estimate of the actual cost in the prior year under subsection (a)(2). (B) An overpayment in the prior year is the amount by which the base payment in the prior year would have been lower if the estimated cost in the prior year under subsection (a) had equaled the updated estimate of the actual cost in the prior year under subsection (a)(2). (c) Cost of expansion For purposes of this section, the cost of expanding the earned income credit in Puerto Rico as described in subsection (a) for a year shall include only the cost of the amendments made as described in such subsection relative to the cost of laws in effect on the date of the enactment of this Act as if those laws had remained in effect. (d) Reporting requirements When the Secretary of the Treasury of Puerto Rico submits to the Secretary of the Treasury the report in subsection (a), then the