The H.R. 10380, Disaster Relief and Resilience Act, aims to amend the Internal Revenue Code to assist certain taxpayers impacted by federally declared disasters. It allows them to transfer part of their general business credit carryforwards, which are tax credits that can be...
Simple Explanation
The Disaster Relief and Resilience Act wants to help businesses in places hit by disasters. It lets them share some of their saved-up future tax credits to help cover costs from a disaster without needing to sign up first.