Bill 118 s 5457, also known as the "Disaster Relief Business Tax Credit Transfer Act," aims to amend the Internal Revenue Code of 1986 to provide relief for taxpayers affected by Federally declared disasters. Specifically, th...
e bill allows certain taxpayers who have general business credit carryforwards to transfer a portion of these credits to help offset their tax liability in the wake of a disaster.
The bill recognizes that businesses impacted by disasters may face financial challenges in the aftermath, and by allowing them to transfer a portion of their general business credits, it provides them with additional flexibility and support during difficult times. This transfer of credits can help these taxpayers reduce their tax burden and potentially free up resources to aid in their recovery efforts.
Overall, Bill 118 s 5457 seeks to provide practical assistance to businesses affected by disasters by enabling them to utilize existing tax credits in a more beneficial way. This bipartisan legislation aims to support economic recovery and resilience in communities impacted by Federally declared disasters.