Sec. 202. Increases in State allocations
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/bill/118/s/680/is/section-202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Clause
(ii)of section 42(h)(3)(C) of the Internal Revenue Code is amended— by striking $1.75 in subclause
(I)and inserting the per capita amount , and by striking $2,000,000 in subclause
(II)and inserting the minimum amount . Section 42(h)(3) of the Internal Revenue Code of 1986 is amended by striking subparagraphs
(H)and
(I)and inserting the following: For purposes of subparagraph (C)(ii)(I), the per capita amount shall be determined as follows: For calendar year, 2023, the per capita amount is $3.90. For calendar year 2024, the per capita amount is the product of— 1.25, and the dollar amount under clause
(i)increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. If the amount determined after application of the preceding sentence is not a multiple of $5,000, such amount shall be rounded to the next lowest multiple of $5,000. In the case of any calendar year after 2024, the per capita amount is the dollar amount determined under clause
(ii)increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting calendar year 2023 for calendar year 2016 in subparagraph (A)(ii) thereof. Any amount increased under the preceding sentence which is not a multiple of 5 cents shall be rounded to the next lowest multiple of 5 cents. For purposes of subparagraph (C)(ii)(II), the minimum amount shall be determined as follows: For calendar year, 2023, the minimum amount is $4,495,000. For calendar year 2024, the minimum amount is the product of— 1.25, and the dollar amount under clause
(i)increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. If the amount determined after application of the preceding sentence is not a multiple of 5 cents, such amount shall be rounded to the next lowest multiple of 5 cents. In the case of any calendar year after 2024, the minimum amount is the dollar amount determined under clause
(ii)increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, determined by substituting calendar year 2023 for calendar year 2016 in subparagraph (A)(ii) thereof. Any amount increased under the preceding sentence which is not a multiple of $5,000 shall be rounded to the next lowest multiple of $5,000. . The amendments made by this section shall apply to calendar years beginning after December 31, 2022.