Disaster Zone Energy Affordability and Investment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Disaster Zone Energy Affordability and Investment Act, amends the Internal Revenue Code to allow certain taxpayers who have experienced federally declared disasters or State-declared disasters to transfer a portion of their general business credit carryforwards. Specifically, it allows taxpayers to transfer up to the amount spent on eligible expenditures in a qualified disaster area, which is defined as an area declared a major disaster by the President or a State disaster by the Governor, provided the expenditures occurred before two years after the disaster declaration. The bill also clarifies how consolidated groups are treated for purposes of applying these provisions.
Key provisions
- Allows taxpayers affected by declared disasters to transfer general business credit carryforwards.
- Specifies that eligible expenditures must be made in a qualified disaster area.
- Defines a qualified disaster area as areas declared by the President or a State Governor.
- Limits the amount of carryforwards that can be transferred to the amount spent on eligible expenditures.
- Establishes a timeframe for eligible expenditures (on or before the second calendar year after the disaster declaration).
- Clarifies that affiliated groups filing consolidated returns are treated as one taxpayer.
- Provides a special rule regarding registration requirements for business credit carryforwards.
Who is affected
- Taxpayers
- Businesses
- Individuals affected by declared disasters
Bill text
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