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Internal Revenue Code of 1986

The main body of tax law for the United States.

General business credit carryforwards

Tax credits that a business earned but couldn't use in the year they were earned, so they are saved to reduce taxes in future years.

Transferable credits

Tax credits that can be sold or exchanged by one taxpayer (a business) to another taxpayer.

Federally declared disasters

Major disasters officially recognized by the President, making affected areas eligible for certain federal assistance.

Eligible expenditures

Specific costs incurred by a business in a disaster area that qualify for this program, such as expenses for operations or rebuilding.

Qualified disaster area

An area officially declared a major disaster by the President or a state Governor after a specific date.

Consolidated groups

A group of related companies (like a parent company and its subsidiaries) that file a single federal income tax return together.