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, Transferable credits for disaster-affected taxpayers: The bill modifies tax rules so that general business credit carryforwards from tax years beginning after December 31, 2023, and attributable to specific credits (like the investment credit and research credit), can be treated as transferable credits under section 6418 of the tax code. This applies only up to the taxpayer's eligible expenditures in a qualified disaster area. Eligible expenditures are expenses paid or incurred before January 1, 2028, for carrying out a trade or business in an area where a major disaster was declared after December 31, 2023, and before the bill's enactment. Members of a consolidated group filing a joint return are treated as one taxpayer. No registration is required for the portion of carryforwards related to tax years beginning with or before the most recent year for which the taxpayer has a Revenue Agent Report.