declares— (i) a gross income of not more than $400,000, and (ii) a tax liability of $0. (2) Inflation adjustment In the case of any taxable year beginning after 2024, the $400,000 amount in paragraph (1)(B)(i) shall 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) of the Internal Revenue Code of 1986 for the calendar year in which the taxable year begins, determined by substituting 2023 for 2016 in subparagraph (A)(ii) thereof. (c) Effective date The form required by subsection (a) shall be made available for taxable years beginning one year after the date of the enactment of this Act. 3. Expansion of income allowed as Foreign Earned Income (a) In general Section 911 of the Internal Revenue Code of 1986 is amended— (1) in subsection (b)(1)(B), by striking clause (i) and by redesignating clauses (ii) through (iv) as clause (i) through (iii), respectively, (2) in subsection (b)(1)(A), by striking attributable to services performed by such individual and inserting attributable to services performed by such individual or benefits received by such individual , (3) in subsection (d)(2), by striking wages, salaries, or professional fees and inserting wages, salaries, professional fees, pensions, scholarships, fellowship grants, distributions from retirement funds, or payments received by the taxpayer with respect to disability, unemployment, family medical leave, or childcare , and (4) in subsection (e)(2), by striking Except with the consent of the Secretary, any taxpayer who makes such a revocation for any taxable year may not make another election under this section for any subsequent taxable year before the 6th taxable year after the taxable year for which such revocation was made. (b) Effective date The amendments made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act. 4. Information relating to specified foreign financial assets (a) In general Section 5314 of title 31,