Amount of advance payment (1) In general For purposes of subsection (a), the amount of the monthly advance payment of the credit provided to a taxpayer during the applicable period shall be equal to the lesser of— (A) an amount equal to— (i) the amount of the credit which the Secretary has determined will be allowed to such taxpayer under section 36C for the taxable year ending in such applicable period, divided by (ii) 12, or (B) such other amount as is elected by the taxpayer. (2) Applicable period For purposes of this section, the term applicable period means the 12-month period from the month of July of the taxable year through the month of June of the subsequent taxable year. (c) Election of advance payment A taxpayer may elect to receive an advance payment of the credit allowed under section 36C for any taxable year by including such election on a timely filed return for the preceding taxable year. (d) Internal Revenue Service notification The Internal Revenue Service shall take such steps as may be appropriate to ensure that taxpayers who are eligible to receive the credit under section 36C are aware of the availability of the advance payment of such credit under this section. (e) Regulations The Secretary may prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes this section. . (c) Clerical amendments (1) In general 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 36B the following new item: Sec. 36C. Renter tax credit. . (2) Advance payment The table of sections for chapter 77 of such Code is amended by inserting after the item relating to section 7527A the following new item: Sec. 7527B. Advance payment of renter tax credit. . (d) Effective date The amendments made by this section shall apply with respect to taxable years beginning after December 31, 2023. (e) Community outreach Immediately upon the enactment of this Act, in