104 STAT. 1388-476 PUBLIC LAW 101-508—NOV. 5, 1990 ' "(ii) such organization is determined by the State housing credit agency not to be affiliated with or controlled by a for-profit organization; and", and (C) by inserting "ownership and" before "material participation" in subparagraph (D). 26 USC 42 note. (10) EFFECTIVE DATES.— (A) IN GENERAL.— Except as otherwise provided in this paragraph, the amendments made by this subsection shall apply to— (i) determinations under section 42 of the Internal Revenue Code of 1986 with respect to housing credit dollar amounts allocated from State housing credit ceilings for calendar years after 1990, or (ii) buildings placed in service after December 31, 1990, to the extent paragraph (1) of section 42(h) of such Code does not apply to any building by reason of paragraph (4) thereof, but only with respect to bonds issued after such date. (B) TENANT RIGHTS, ETC.—The amendments made by paragraphs (1), (6), (8), and (9) shall take effect on the date of the enactment of this Act. (C) MONITORING.— The amendment made by paragraph (2) shall take effect on January 1, 1992, and shall apply to buildings placed in service before, on, or after such date. (D) STUDY.—The Inspector General of the Department of Housing and Urban Development and the Secretary of the Treasury shall jointly conduct a study of the effectiveness of the amendment made by paragraph (5) in carrying out the purposes of section 42 of the Internal Revenue Code of 1986. The report of such study shall be submitted not later than January 1, 1993, to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate. 26 USC 42 note. (c) ELECTION To ACCELERATE CREDIT INTO 1990. — (1) IN GENERAL. —At the election of an individual, the credit determined under section 42 of the Internal Revenue Code of 1986 for the taxpayer's first taxable year ending on or after October 25, 1990, shall be 150 percent of the amount which would (but for this paragraph) be so allowable with respect to investments held by such individual on or before October 25, 1990. (2) REDUCTION IN AGGREGATE CREDIT TO REFLECT INCREASED 1990 CREDIT. —The aggregate credit gdlowable to any person under section 42 of such Code with respect to any investment for taxable years after the first taxable year referred to in paragraph (1) shall be reduced on a pro rata basis by the amount of the increased credit allowable by reason of paragraph (1) with respect to such first taxable year. The preceding sentence shall not be construed to affect whether any taxable year is part of the credit, compliance, or extended use periods. (3) ELECTION.—The election under paragraph (1) shall be made at the time and in the manner prescribed by the Secretary of the Treasury or his delegate, and, once made, shall be irrevocable. In the case of a partnership, such election shall be made by the partnership.