Disaster Zone Energy Affordability and Investment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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 enables taxpayers to move up to the amount spent on eligible expenditures in a qualified disaster area to offset their tax liabilities. This provision aims to provide financial relief to businesses impacted by disasters.
Key provisions
- Allows taxpayers affected by declared disasters to transfer general business credit carryforwards.
- Defines ‘qualified disaster area’ as areas declared by the President or a State governor after December 31, 2023.
- ‘Eligible expenditures’ must be incurred for trade or business in the qualified disaster area and before the second calendar year following the disaster declaration.
- The amount of carryforwards that can be transferred is limited to the taxpayer’s eligible expenditures.
- Consolidated groups are treated as a single taxpayer for carryforward purposes.
- Provides a special rule regarding registration requirements for credit carryforwards.
Who is affected
- Businesses
- Taxpayers
- Individuals operating businesses
- Disaster-affected areas
- Taxpayers impacted by declared disasters
Notable changes
Bill text
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Sponsors
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6 on record
Primary sponsor
Lindsey Graham
Cosponsors
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