Allows certain taxpayers affected by federally declared disasters to transfer a portion of their general business credit carryforwards.

This bill amends the Internal Revenue Code to allow a portion of general business credit carryforwards to be transferred by certain taxpayers affected by federally declared disasters and other incidents. The bill defines "eligible expenditures" and "qualified disaster area" to determine which taxpayers qualify for this transfer. The amendments apply to taxable years ending after the date of the enactment of this Act.

Allows certain taxpayers affected by federally declared disasters to transfer a portion of their general business credit carryforwards.

This bill amends the Internal Revenue Code to allow a portion of general business credit carryforwards to be transferred by certain taxpayers affected by federally declared disasters and other incidents. The bill defines "eligible expenditures" and "qualified disaster area" to determine which taxpayers qualify for this transfer. The amendments apply to taxable years ending after the date of the enactment of this Act.