date of enactment of this Act. 3. Expanding refundable research credit for new and small businesses (a) Increasing cap on refundable credit (1) In general Subclause (I) of section 41(h)(4)(B)(i) of the Internal Revenue Code of 1986 is amended 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