,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cfje  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #h    
7legislative day1 ,january #g71         
#bjbf,mr4 ,graham 7for himself and ,ms4 
,cantwell7 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 disasters
 and other incidents4  #a4 ,short title 
,this ,act may be cited as the ,disaster
 ,zone ,energy ,affordability and       
,investment ,act4  #b4 ,certain         
carryforwards of general business credit
 treated as transferrable credits for   
taxpayers affected by certain disasters 
7a7 ,in general ,section                
#fdah7;f77#a77;,a7 of the ,internal     
,revenue ,code of #aihf is amended by   
adding at the end the following new     
clause3  7xiii7 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 year4  4    
7b7 ,applicable general business credit 
carryforwards ,section #fdah7;f7 of such
 ,code is amended by adding at the end  
the following new paragraph3  7#c7      
,definitions and rules related to       
applicable general business credit      
carryforwards ,for purposes of paragraph
 7#a77;,a77xiii7--  7,a7  ,in general   
,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
 which--  7i7 are carried to any taxable
 year beginning after ,december #ca1    
#bjbc1 and  7ii7 attributable to any    
credit described in clauses 7ii7 and    
7ix7 of subparagraph 7,a74  7,b7        
,eligible expenditures  7i7  ,in general
  ,the term eligible expenditures means 
amounts paid or incurred by the         
taxpayer--  7,i7 for the purpose of     

carrying out a trade or business in a   
qualified disaster area1 and  7,,ii7 on 
or before the last day of the second    
calendar year following the calendar    
year in which the declaration or        
determination described in clause 7ii7  
with respect to such qualified disaster 
area was made4  7ii7  ,qualified        
disaster area  ,the term qualified      
disaster area means--  7,i7 any area    
with respect to which a major disaster  
was declared after ,december #ca1 #bjbc1
 by the ,president under section #dja of
 the ,robert ,t4 ,stafford ,disaster    
,relief and ,emergency ,assistance ,act1
 or  7,,ii7 any area which is determined
 by the ,governor of a ,state to be an  
area affected by a ,state declared      
disaster 7as defined in section         
#afe7;h77#e77;,c7 of the ,internal      
,revenue ,code of #aihf 7as added by    
,public ,law #aai-ba77 if the incident  
giving rise to the ,state declared      
disaster occurred after ,december #ca1  
#bjbc4  7,c7  ,application to           

consolidated groups  ,all members of an 
affiliated group filing a consolidated  
return shall be treated as one taxpayer4
  4  7c7 ,conforming amendment ,section 
#fdah7;f77#a77;,c7 of such ,code is     
amended by striking ,the term and       
inserting ,except as provided in        
paragraph 7#a77;,a77xiii71 the term4    
7d7 ,effective date ,the amendments made
 by this section shall apply to taxable 
years ending after the date of the      
enactment of this ,act4  7e7 ,special   
rule ,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  
7as defined in section #fdah7;f77#c7 of 
such ,code1 as added by this section7   
which relates to a taxable year         
beginning with or before the taxable    
year that the online registration tool  
for such registration has been updated  

to account for the provisions of this   
section4