; (2) by striking $200 and inserting $500 , and (3) by adding at the end the following new subparagraph: (B) Cost-of-living adjustment In the case of any taxable year beginning in a calendar year after 2023, the $500 amount under subparagraph (A) shall 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 calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. If any amount after adjustment under the preceding sentence is not a multiple of $50, such amount shall be rounded to the nearest multiple of $50. . (d) Conforming amendments (1) Section 62(a)(2)(B)(i) of such Code, as amended by the preceding provisions of this Act, is amended by striking by him and inserting by the performing artist . (2) Section 62(b)(1) of such Code is amended by inserting and at the end of subparagraph (A), by striking , and at the end of subparagraph (B) and inserting a period, and by striking subparagraph (C). (e) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022.