II 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Disaster Relief and 

5 Resilience Act’’. 


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1 SEC. 2. CERTAIN CARRYFORWARDS OF GENERAL BUSINESS 

2 CREDIT TREATED AS TRANSFERRABLE CRED3 ITS FOR TAXPAYERS AFFECTED BY FEDER4 ALLY DECLARED DISASTERS IN 2024. 

5 (a) IN GENERAL.—For purposes of section 6418 of 

6 the Internal Revenue Code of 1986, notwithstanding sub7 section (f)(1)(C) thereof, so much of the amount of the 

8 applicable general business credit carryforwards as does 

9 not exceed the eligible expenditures made by the taxpayer 

10 during the taxable year shall be treated as an eligible cred11 it. 

12 (b) APPLICABLE GENERAL BUSINESS CREDIT

13 CARRYFORWARDS.—For purposes of this section, the term 

14 ‘‘applicable general business credit carryforwards’’ means, 

15 with respect to any taxable year, the sum of the amounts 

16 described in section 38(a)(1) of the Internal Revenue Code 

17 of 1986 which— 

18 (1) are carried to any taxable year beginning 

19 after December 31, 2023, and 

20 (2) attributable to any credit described in 

21 clauses (ii) and (ix) of section 6418(f)(1)(A) of such 

22 Code. 

23 (c) ELIGIBLE EXPENDITURES.—For purposes of this 

24 section— 

25 (1) IN GENERAL.—The term ‘‘eligible expendi26 tures’’ means expenses by the taxpayer which are 


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1 paid or incurred before January 1, 2028, for the 

2 purpose of carrying out a trade or business in a 

3 qualified disaster area. 

4 (2) QUALIFIED DISASTER AREA.—The term 

5 ‘‘qualified disaster area’’ means any area with re6 spect to which a major disaster was declared after 

7 December 31, 2023, and before the date of the en8 actment of this Act by the President under section 

9 401 of the Robert T. Stafford Disaster Relief and 

10 Emergency Assistance Act. 

11 (3) APPLICATION TO CONSOLIDATED

12 GROUPS.—All members of an affiliated group filing 

13 a consolidated return shall be treated as one tax14 payer. 

15 (4) NO REGISTRATION REQUIRED.—Notwith16 standing section 6418(g)(1) of the Internal Revenue 

17 Code of 1986, the Secretary of the Treasury (or the 

18 Secretary’s delegate) shall not require registration 

19 with respect to the portion of any applicable general 

20 business credit carryforwards which relates to a tax21 able year beginning with or before the most recent 

22 taxable year for which the taxpayer has executed a 

23 Revenue Agent Report (including Form 4549 (relatVerDate Sep 11 2014 18:45 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S5457.IS S5457

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1 ing to income tax examination changes) or any simi2 lar form). 

Æ 


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