an election to apply section 35 of such Code to an eligible coverage month (as defined in section 35(b) of such Code) beginning after December 31, 2021, and before the close of the taxable year which includes the date of the enactment of this Act— (1) may be made at any time on or after such date of enactment and before the later of— (A) the expiration of the 3-year period of limitation prescribed in section 6511(a) with respect to the taxable year which includes such coverage month, or (B) such date as the Secretary may provide, and (2) may be made on an amended return. II Modification and Extension of Generalized System of Preferences 2001. Modification and extension of Generalized System of Preferences (a) Designation of beneficiary developing countries Section 502 of the Trade Act of 1974 ( 19 U.S.C. 2462 ) is amended— (1) in subsection (b)(2)— (A) in subparagraph (G), by striking has not taken or is not taking steps to and inserting fails to effectively