Disaster Relief and Resilience Act

[AI summary unavailable — showing source text] [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 TAX…