[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3587 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3587

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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 27, 2019

Mr. Schweikert (for himself, Mr. Brendan F. Boyle of Pennsylvania, and 
Mrs. Fletcher) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MODIFICATION OF EFFECTIVE DATE OF MODIFICATIONS TO NET 
              OPERATING LOSS DEDUCTIONS.

    (a) In General.--Section 13302(e)(2) of Public Law 115-97 is 
amended by striking ``ending'' and inserting ``beginning''.
    (b) Extension of Deadline for Filing Application for Tentative 
Carryback Adjustments.--In the case of a net operating loss carryback 
of a net operating loss arising in a taxable year beginning before 
January 1, 2018, and ending after December 31, 2017, an application 
under section 6411(a) shall not fail to be treated as timely filed if 
filed not later than the date which is 120 days after the date of the 
enactment of this Act.
    (c) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendment made by this section shall take 
        effect as if included in section 13302 of Public Law 115-97.
            (2) Elective application.--The amendment made by this 
        section shall apply only if the taxpayer elects (at such time 
        and in such manner as the Secretary, or the Secretary's 
        delegate, may provide) the application of this section.
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