,,ii  #aahth ,,congress  #b;d ,session  
,s4 #edeg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #i1  
#bjbd,mr4 ,graham 7for himself1 ,mr4    
,tillis1 and ,mr4 ,scott of ,south      
,carolina7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to allow a portion of general 
business credit carryforwards to be     
transferred by certain taxpayers        
affected by federally declared          
disasters4  #a4 ,short title ,this ,act 
may be cited as the ,disaster ,relief   
and ,resilience ,act4  #b4 ,certain     
carryforwards of general business credit
 treated as transferrable credits for   
taxpayers affected by ,federally        
declared disasters in #bjbd  7a7 ,in    
general ,for purposes of section #fdah  
of the ,internal ,revenue ,code of      
#aihf1 notwithstanding subsection       
7f77#a77;,c7 thereof1 so much of the    
amount of the applicable general        

business credit carryforwards as does   
not exceed the eligible expenditures    
made by the taxpayer during the taxable 
year shall be treated as an eligible    
credit4  7b7 ,applicable general        
business credit carryforwards ,for      
purposes of this section1 the term      
applicable general business credit      
carryforwards means1 with respect to any
 taxable year1 the sum of the amounts   
described in section #ch7;a77#a7 of the 
,internal ,revenue ,code of #aihf       
which-- 7#a7 are carried to any taxable 
year beginning after ,december #ca1     
#bjbc1 and  7#b7 attributable to any    
credit described in clauses 7ii7 and    
7ix7 of section #fdah7;f77#a77;,a7 of   
such ,code4  7c7 ,eligible expenditures 
,for purposes of this section-- 7#a7 ,in
 general ,the term eligible expenditures
 means expenses by the taxpayer which   
are paid or incurred before ,january #a1
 #bjbh1 for the purpose of carrying out 
a trade or business in a qualified      
disaster area4  7#b7 ,qualified disaster

 area ,the term qualified disaster area 
means any area with respect to which a  
major disaster was declared after       
,december #ca1 #bjbc1 and before the    
date of the enactment of this ,act by   
the ,president under section #dja of the
 ,robert ,t4 ,stafford ,disaster ,relief
 and ,emergency ,assistance ,act4  7#c7 
,application to consolidated groups ,all
 members of an affiliated group filing a
 consolidated return shall be treated as
 one taxpayer4  7#d7 ,no registration   
required ,notwithstanding section       
#fdah7;g77#a7 of the ,internal ,revenue 
,code of #aihf1 the ,secretary of the   
,treasury 7or the ,secretary's delegate7
 shall not require registration with    
respect to the portion of any applicable
 general business credit carryforwards  
which relates to a taxable year         
beginning with or before the most recent
 taxable year for which the taxpayer has
 executed a ,revenue ,agent ,report     
7including ,form #dedi 7relating to     
income tax examination changes7 or any  

similar form74