by striking $250,000 and inserting the applicable amount . (2) Applicable amount Subclause (II) of section 41(h)(4)(B)(i) of such Code is amended to read as follows: (II) Applicable amount For purposes of subclause (I), the applicable amount is— (aa) in the case of any taxable year beginning after December 31, 2022, and before January 1, 2024, $500,000, (bb) in the case of any taxable year beginning after December 31, 2023, and before January 1, 2025, $525,000, (cc) in the case of any taxable year beginning after December 31, 2024, and before January 1, 2026, $550,000, (dd) in the case of any taxable year beginning after December 31, 2025, and before January 1, 2027, $575,000, (ee) in the case of any taxable year beginning after December 31, 2026, and before January 1, 2028, $600,000, (ff) in the case of any taxable year beginning after December 31, 2027, and before January 1, 2029, $625,000, (gg) in the case of any taxable year beginning after December 31, 2028, and before January 1, 2030, $650,000, (hh) in the case of any taxable year beginning after December 31, 2029, and before January 1, 2031, $675,000, (ii) in the case of any taxable year beginning after December 31, 2030, and before January 1, 2032, $700,000, (jj) in the case of any taxable year beginning after December 31, 2031, and before January 1, 2033, $725,000, and (kk) in the case of any taxable year beginning after December 31, 2032, $750,000. . (3) Conforming amendments (A) Clause (ii) of section 41(h)(5)(B) of such Code is amended by striking each of the $250,000 amounts and inserting the applicable amount . (B) Section 3111(f) of such Code is amended— (i) in paragraph (1)— (I) by striking (applied without regard to subclause (II) thereof), and and inserting a period, (II) by striking subparagraph (B), and (III) by striking for a taxable year and all that follows through allowed as a credit and inserting for a taxable year, there shall be allowed as a credit , (ii) in paragraph (2)— (I) by striking paragraph (1)(A) and inserting paragraph (1) ,