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) 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. (2) Rounding If any amount as adjusted under paragraph (1) is not a multiple of $0.01, such amount shall be rounded to the next lowest multiple of $0.01. . (b) Conforming amendment The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 32 the following new item: Sec. 32A. Adult dependent credit. (c) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2022. 5. Refundable tax credit for adults and families (a) In general Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986, as amended by section 4, is amended by inserting after section 32A the following new section: 32B. Credit for adults and families (a) Allowance of credit In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year $600 ($1200 in the case of a joint return). (b) Limitation based on adjusted gross income The amount of the credit allowed by subsection (a) shall be reduced by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds— (1) $40,000 in the case of a joint return, and (2) $20,000 in any other case. (c) Eligible individual The term eligible individual means any individual if— (1) such individual (or, if the individual is married, either the individual or the individual's spouse) has attained age 19 but not attained age 65 before the close of the taxable year, (2) such individual is not a dependent for whom a deduction is allowable under section 151 to another taxpayer for any taxable year beginning in the same calendar year as such taxable year,