Disaster Relief and Resilience Act

This bill allows businesses affected by federally declared disasters in 2024 to use unused tax credits from prior years as immediate relief. Specifically, it treats a portion of general business credit carryforwards as transferrable credits for expenses paid before January 1, 2028, in areas with major disaster declarations after December 31, 2023. Businesses operating in qualified disaster zones can apply these credits to offset current costs without needing separate registration. The provision simplifies access to tax relief for affected businesses, including those filing consolidated returns as a single entity.