3.0.0 3640 2023-01-11T13:42:44Z 2023-01-11T13:42:44Z Senate S 2020-05-07 116 ssfi00 Finance Committee Senate Standing Referred to 2020-05-07T17:18:01Z To amend the Internal Revenue Code of 1986 to allow certain taxpayers a 2-year carryback of net operating losses and to restore and make permanent the limitation on excess business losses of non-corporate taxpayers. 116 6579 HR 2020-04-21 Referred to the House Committee on Ways and Means. Related bill CRS 2020-05-07 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2020-05-07 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2020-05-07 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2020-05-07 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2020-05-07 True U000039 Sen. Udall, Tom [D-NM] TOM UDALL D NM 2020-05-07 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2020-05-07 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2020-05-07 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2020-05-07 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2020-05-07 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2020-05-07 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2020-05-07 True H001075 Sen. Harris, Kamala D. [D-CA] Kamala Harris D CA D. 2020-05-07 True C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2020-05-07 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2020-05-07 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2020-05-07 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2020-05-07 True M001169 Sen. Murphy, Christopher [D-CT] Christopher Murphy D CT S. 2020-05-07 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2020-05-07 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2020-05-07 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2020-05-07 True S001203 Sen. Smith, Tina [D-MN] Tina Smith D MN 2020-05-07 True H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. 2020-05-07 True S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2020-05-07 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2020-05-07 True Taxation Agricultural prices, subsidies, credit Business expenses Income tax deductions Small business Tax administration and collection, taxpayers Taxation 00 2020-05-07 Introduced in Senate 2020-05-21T13:55:36Z CARES Windfall for the Wealthiest Repeal Act

This bill restores and makes permanent the disallowance of excess business losses of noncorporate taxpayers and limits to two years the carryback of net operating losses of small businesses arising in the first taxable year beginning after August 31, 2019.

The bill also permits taxpayers who expect a net operating loss after August 31, 2019, to apply for an advance carryback adjustment of prior year taxes.

]]> CARES Windfall for the Wealthiest Repeal Act Display Title CARES Windfall for the Wealthiest Repeal Act Short Title(s) as Introduced CARES Windfall for the Wealthiest Repeal Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow certain taxpayers a 2-year carryback of net operating losses and to restore and make permanent the limitation on excess business losses of non-corporate taxpayers. Introduced in Senate IS Introduced in Senate 2020-05-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3640is/xml/BILLS-116s3640is.xml 2020-05-07 Read twice and referred to the Committee on Finance. 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.