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Tax relief for taxpayers affected by 2024 federally declared disasters

The Disaster Relief and Resilience Act aims to support taxpayers affected by federally declared disasters in 2024. It allows a portion of general business credit carryforwards to be treated as transferable credits. This mechanism applies to expenditures incurred for carrying out a trade or business in a qualified disaster area.
Key points
Taxpayers affected by federally declared disasters in 2024 may transfer a portion of their general business credit carryforwards.
The transferability is limited to the amount of eligible expenditures paid or incurred before January 1, 2028, for carrying out a trade or business in a disaster area.
A qualified disaster area is defined as an area where a major disaster was declared after December 31, 2023, and before the date of the enactment of this Act.
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Status: Expired
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Additional Information
Print number: 118_S_5457
Sponsor: Sen. Graham, Lindsey [R-SC]
Process start date: 2024-12-09
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Disaster Relief and Resilience Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5457.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-12-09.

What are the main provisions?

Key points include:

  • Taxpayers affected by federally declared disasters in 2024 may transfer a portion of their general business credit carryforwards.
  • The transferability is limited to the amount of eligible expenditures paid or incurred before January 1, 2028, for carrying out a trade or business in a disaster area.
  • A qualified disaster area is defined as an area where a major disaster was declared after December 31, 2023, and before the date of the enactment of this Act.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Graham, Lindsey [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy