from any loss year may elect to have the carryback period with respect to such loss year determined without regard to subsection (b)(1)(G). Such election shall be made in such manner as may be prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year. . (c) Effective date The amendments made by this section shall apply to losses arising in taxable years beginning after December 31, 2011. 103. Increase in new markets tax credit for investments in community development entities serving disaster areas (a) In general Subsection (f) of section 45D of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Increased special allocation for community development entities serving disaster areas (A) In general In the case of each calendar year beginning after the date of the enactment of the National Disaster Tax Relief Act of 2017 and before January 1, 2023, for which there is a limitation under paragraph (1), such limitation shall be increased by $500,000,000, to be allocated among qualified community development entities to make qualified low-income community investments within any covered federally declared disaster area. (B) Allocation of increase The amount of the increase in limitation under subparagraph (A) shall be allocated by the Secretary under paragraph (2) to qualified community development entities and shall give priority to such entities with a record of having successfully provided capital or technical assistance to businesses or communities within any covered federally declared disaster area or areas for which the allocation is requested. (C) Application of carryforward Paragraph (3) shall be applied separately with respect to the amount of any increase under subparagraph (A). (D) Covered federally declared disaster area For purposes of this paragraph, the