Disaster Relief and Resilience Act

This bill allows certain taxpayers affected by federally declared disasters in 2024 to transfer a portion of their general business credit carryforwards. It amends the Internal Revenue Code to treat these carryforwards as transferable credits, up to the amount of eligible expenditures made in a qualified disaster area.

Sec. 2, Certain carryforwards treated as transferable credits: For tax years beginning after December 31, 2023, a taxpayer's applicable general business credit carryforwards (from specific credits listed in the Code) can be treated as an eligible credit under section 6418, up to the amount of eligible expenditures. Eligible expenditures are expenses paid or incurred before January 1, 2028, for carrying out a trade or business in a qualified disaster area. A qualified disaster area is any area where a major disaster was declared by the President after December 31, 2023, and before the enactment of this Act. Members of an affiliated group filing a consolidated return are treated as one taxpayer. The Treasury Secretary is not required to register the portion of carryforwards related to tax years beginning with or before the most recent taxable year for which the taxpayer has executed a Revenue Agent Report.