US SB3605

Amends Internal Revenue Code Section 6418 to allow taxpayers affected by federally declared disasters to transfer a portion of their general business credit carryforwards to other parties

Limits transferable credits to the amount of eligible expenditures the taxpayer makes during the taxable year for carrying out a trade or business in a qualified disaster area

Defines qualified disaster areas as those with presidential major disaster declarations after December 31, 2023, or state-declared disasters under Section 165(h)(5)(C) occurring after that date

Eligible expenditures must be made by the end of the second calendar year following the year the disaster declaration was made

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