for $1,400 — (i) in the case of taxable year 2023, $1,800 , (ii) in the case of taxable year 2024, $1,900 , and (iii) in the case of taxable year 2025, $2,000 . . (b) Conforming amendment Subparagraph (C) of section 24(h)(5), as redesignated by subsection (a), is amended by inserting and before 2023 after 2018 . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022. 103. Inflation of credit amount (a) In general Paragraph (2) of section 24(h) is amended— (1) by striking amount .—Subsection and inserting “ amount .— (A) In general Subsection , and (2) by adding at the end the following new subparagraph: (B) Adjustment for inflation In the case of a taxable year beginning after 2023, the $2,000 amounts in subparagraph (A) and paragraph (5)(B)(iii) shall each 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 2022 for 2016 in subparagraph (A)(ii) thereof. If any increase under this clause is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023. 104. Rule for determination of earned income (a) In general Paragraph (6) of section 24(h) of the Internal Revenue Code of 1986 is amended— (1) by striking credit .—Subsection and inserting “ credit .— (A) In general Subsection , and (2) by adding at the end the following new subparagraphs (B) Rule for determination of earned income (i) In general In the case of a taxable year beginning after 2023, if the earned income of the taxpayer for such taxable year is less than the earned income of the taxpayer for the preceding taxable year, subsection (d)(1)(B)(i) may, at the election of the taxpayer, be applied by substituting— (I) the earned income for such preceding taxable year, for (II)