US HB7450

Allows taxpayers affected by federally declared disasters to transfer unused general business tax credit carryforwards to other parties, up to the amount of eligible disaster-related expenditures made during the taxable year

Applies to credit carryforwards carried to taxable years beginning after December 31, 2023, specifically for energy-related credits under Section 38(a)(1) of the tax code

Defines qualified disaster areas as those with presidential major disaster declarations or state-declared disasters occurring after December 31, 2023

Limits eligible expenditures to amounts paid for carrying out a trade or business in the disaster area, with a deadline of the end of the second calendar year following the disaster declaration

Waives IRS registration requirements for these credit transfers until the online registration system is updated to accommodate the new provisions