contribution was used (or is to be used) for relief efforts described in clause (i)(II), and (iii) the taxpayer has elected the application of this subsection with respect to such contribution. (B) Exception Such term shall not include a contribution by a donor if the contribution is— (i) to an organization described in section 509(a)(3) of the Internal Revenue Code of 1986, or (ii) for the establishment of a new, or maintenance of an existing, donor advised fund (as defined in section 4966(d)(2) of such Code). (C) Application to partnerships and S corporations In the case of a partnership or S corporation, the election under subparagraph (A)(iii) shall be made separately by each partner or shareholder. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015. 314. Increase in New Markets Tax Credit allocations (a) Extension Section 45D(f)(4) of the Internal Revenue Code of 1986, as amended by the preceding provisions of this Act, is amended— (1) by striking and before 2017 , in subparagraph (A), and (2) by striking , and before January 1, 2016 in subparagraph (D). (b) Effective date The amendments made by this section shall apply to disasters occurring after December 31, 2015. 315. Increase in rehabilitation credit for buildings in disaster areas (a) In general Section 47(e)(2)(B) of the Internal Revenue Code of 1986, as added by this Act, is amended by striking and ending on December 31, 2015 and inserting and ending on the date that is 6 years after such applicable disaster date . (b) Effective date The amendment made by this section shall apply to periods beginning after December 31, 2015. 316. Waiver of certain mortgage revenue bond requirements following disasters (a) In general Section 143(k)(13) of the Internal Revenue Code of 1986, as amended by this Act, is amended by striking , and before January 1, 2016 . (b) Effective date The amendment made by this section shall apply to disasters occurring after December 31, 2015. 317. Advanced