Allows certain taxpayers in disaster zones to transfer a portion of their general business credit carryforwards.
The Disaster Zone Energy Affordability and Investment Act amends the Internal Revenue Code to allow a portion of general business credit carryforwards to be transferred by taxpayers affected by federally declared disasters. This applies to expenditures made in qualified disaster areas, which include areas with a major disaster declaration after December 31, 2023. The bill also exempts these carryforwards from certain registration requirements. The changes apply to taxable years ending after the enactment of the Act.
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