Disaster Relief and Resilience Act

HR 10380, the Disaster Relief and Resilience Act, allows businesses affected by federally declared disasters in 2024 to use unused tax credits (carryforwards) more flexibly. It treats certain carryforwards as transferrable credits for expenses paid or incurred before 2028 in qualified disaster areas - defined as regions with major disasters declared after December 31, 2023, and before the bill's enactment. The bill applies to all members of a consolidated tax group as a single entity and removes registration requirements for the relevant portion of carryforwards tied to recent tax filings. This provides immediate tax relief to affected businesses without creating new credits or changing existing tax rates.