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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5457 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 5457

   To amend the Internal Revenue Code of 1986 to allow a portion of 
  general business credit carryforwards to be transferred by certain 
          taxpayers affected by federally declared disasters.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            December 9, 2024

 Mr. Graham (for himself, Mr. Tillis, and Mr. Scott of South Carolina) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL

 
   To amend the Internal Revenue Code of 1986 to allow a portion of 
  general business credit carryforwards to be transferred by certain 
          taxpayers affected by federally declared disasters.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster Relief and Resilience 
Act''.

SEC. 2. CERTAIN CARRYFORWARDS OF GENERAL BUSINESS CREDIT TREATED AS 
              TRANSFERRABLE CREDITS FOR TAXPAYERS AFFECTED BY FEDERALLY 
              DECLARED DISASTERS IN 2024.

    (a) In General.--For purposes of section 6418 of the Internal 
Revenue Code of 1986, notwithstanding subsection (f)(1)(C) thereof, so 
much of the amount of the applicable general business credit 
carryforwards as does not exceed the eligible expenditures made by the 
taxpayer during the taxable year shall be treated as an eligible 
credit.
    (b) Applicable General Business Credit Carryforwards.--For purposes 
of this section, the term ``applicable general business credit 
carryforwards'' means, with respect to any taxable year, the sum of the 
amounts described in section 38(a)(1) of the Internal Revenue Code of 
1986 which--
            (1) are carried to any taxable year beginning after 
        December 31, 2023, and
            (2) attributable to any credit described in clauses (ii) 
        and (ix) of section 6418(f)(1)(A) of such Code.
    (c) Eligible Expenditures.--For purposes of this section--
            (1) In general.--The term ``eligible expenditures'' means 
        expenses by the taxpayer which are paid or incurred before 
        January 1, 2028, for the purpose of carrying out a trade or 
        business in a qualified disaster area.
            (2) Qualified disaster area.--The term ``qualified disaster 
        area'' means any area with respect to which a major disaster 
        was declared after December 31, 2023, and before the date of 
        the enactment of this Act by the President under section 401 of 
        the Robert T. Stafford Disaster Relief and Emergency Assistance 
        Act.
            (3) Application to consolidated groups.--All members of an 
        affiliated group filing a consolidated return shall be treated 
        as one taxpayer.
            (4) No registration required.--Notwithstanding section 
        6418(g)(1) of the Internal Revenue Code of 1986, the Secretary 
        of the Treasury (or the Secretary's delegate) shall not require 
        registration with respect to the portion of any applicable 
        general business credit carryforwards which relates to a 
        taxable year beginning with or before the most recent taxable 
        year for which the taxpayer has executed a Revenue Agent Report 
        (including Form 4549 (relating to income tax examination 
        changes) or any similar form).
                                 <all>
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