Disaster Zone Energy Affordability and Investment Act

This bill changes federal tax law so that certain businesses can sell (transfer) some of their unused general business tax credits carried forward from earlier years. The credits covered are carryforwards to tax years beginning after December 31, 2023, from two specific credit categories listed in the existing transfer law. The amount a business can transfer cannot exceed what it spent running a business in a qualified disaster area, which means an area with a presidential major disaster declaration or a governor-declared state disaster for incidents after December 31, 2023. The spending must occur by the end of the second calendar year after the disaster declaration, and the change applies to tax years ending after the bill becomes law.

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Sponsors

• 8 cosponsors