Bill > S3605

This bill, titled the "Disaster Zone Energy Affordability and Investment Act," aims to help businesses recover from federally declared disasters by allowing them to transfer a portion of their unused general business credits to other entities. Specifically, it amends the Internal Revenue Code of 1986 to permit taxpayers affected by major disasters, declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, or by state-declared disasters, to transfer their "applicable general business credit carryforwards." These carryforwards are defined as unused credits from specific categories that are carried forward to tax years beginning after December 31, 2023. The amount that can be transferred is limited to the eligible expenditures a business makes within a "qualified disaster area" for the purpose of carrying out its trade or business, and these expenditures must be made within two years following the calendar year in which the disaster was declared. This provision is intended to provide financial relief and encourage investment in disaster-stricken regions, with special rules for consolidated groups of companies and a temporary waiver of certain registration requirements for the Treasury Secretary.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3605/all-info