This bill amends the Internal Revenue Code of 1986 to provide financial relief to individuals impacted by federally declared disasters. It introduces a new election allowing disaster-affected taxpayers to use their earned income from the preceding taxable year when determining eligibility for certain tax credits. This aims to prevent a reduction in these credits due to income loss in a disaster year. Specifically, this election applies to the earned income credit and the refundable portion of the child tax credit . A "disaster-affected taxpayer" is defined as someone whose principal place of abode or work is in a qualified disaster zone, or who is displaced from their home in a qualified disaster area, during a period of a Presidentially declared major disaster. This measure is intended to provide stability and support to families facing economic hardship following such events, with the amendments taking effect for taxable years beginning after December 31, 2024.