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Internal Revenue Code (IRC)

The official collection of laws that govern federal taxes in the United States.

General Business Credit

A group of different tax credits available to businesses for various activities that can reduce their overall tax bill.

Credit Carryforwards

The unused portion of a tax credit from one tax year that a business is allowed to apply to its tax bill in a future tax year.

Transferrable Credits

Tax credits that can be sold or exchanged by one taxpayer to another, allowing the recipient to use them to reduce their own tax liability.

Federally Declared Disaster

An event (like a hurricane, flood, or wildfire) for which the President has formally declared a major disaster, making federal aid and special provisions available.

Eligible Expenditures

Specific costs or expenses incurred by a business that qualify for a particular tax benefit, such as a tax credit or deduction.

Taxable Year

The annual period (usually 12 months) that an individual or business uses for accounting purposes and for filing income tax returns.