S. 5457, titled the “Disaster Relief and Resilience Act,” proposes changes to the Internal Revenue Code of 1986. It allows certain taxpayers affected by federally declared disasters to transfer a portion of their general business credit carryforwards. This applies to credits...
Simple Explanation
S. 5457 is a plan that lets businesses in disaster-hit areas share some of their tax savings with other businesses, which they usually keep for later, hoping it will help them recover faster after a big storm or fire.