3.0.0 3587 2022-11-01T13:50:48Z 2022-11-01T13:50:48Z House HR 2019-06-27 116 [Congressional Record Volume 165, Number 109 (Thursday, June 27, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 3587.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18 of the U.S. Constitution:The Congress shall have Power to make all Laws which shall benecessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H5260]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-06-27T13:08:10Z 2019-06-27 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-06-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-06-27 Introduced in House IntroReferral 1000 9 Library of Congress S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 N B001296 Rep. Boyle, Brendan F. [D-PA-2] Brendan Boyle D PA F. 2 2019-06-27 True F000468 Rep. Fletcher, Lizzie [D-TX-7] Lizzie Fletcher D TX 7 2019-06-27 True W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 2019-07-11 False L000589 Rep. Lesko, Debbie [R-AZ-8] Debbie Lesko R AZ 8 2019-10-15 False W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2020-01-14 False Taxation Business expenses Income tax deductions Tax administration and collection, taxpayers Taxation 00 2019-06-27 Introduced in House 2019-10-15T13:36:04Z This bill amends the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) to provide that the net operating carryforward and carryback modifications in that Act are effective for net operating losses arising in taxable years beginning after December 31, 2017 (instead of tax years ending after December 31, 2017).

The bill also allows an extension of the deadline for filing an application for a tentative carryback adjustment for net operating losses arising before January 1, 2018, and ending after December 31, 2017.

]]> To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115-97. Display Title To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115-97. Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115-97. Introduced in House IH Introduced in House 2019-06-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr3587ih/xml/BILLS-116hr3587ih.xml 2019-06-27 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.