Skip to main content
S 3640 116th Congress Senate Taxation Agricultural prices, subsidies, credit Business expenses Income tax deductions Small business Tax administration and collection, taxpayers

CARES Windfall for the Wealthiest Repeal Act

Introduced: May 7, 2020 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2020
Introduced in Senate
May 7, 2020
Read twice and referred to the Committee on Finance.
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service

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.

What's happening now May 7, 2020

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 6579 Related bill To amend the Internal Revenue Code of 1986 to allow certain taxpayers a 2-year carryback of net operating losses and to…
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 18
All 18 Democratic 16 Independent 2
D
Baldwin, Tammy
Wisconsin · May 7, 2020
 D
Blumenthal, Richard
Connecticut · May 7, 2020
 D
Booker, Cory A.
New Jersey · May 7, 2020
 D
Coons, Christopher A.
Delaware · May 7, 2020
 D
Durbin, Richard J.
Illinois · May 7, 2020
 D
Gillibrand, Kirsten E.
New York · May 7, 2020
 D
Hirono, Mazie K.
Hawaii · May 7, 2020
 I
King, Angus S., Jr.
Maine · May 7, 2020
 D
Klobuchar, Amy
Minnesota · May 7, 2020
 D
Markey, Edward J.
Massachusetts · May 7, 2020
 D
Merkley, Jeff
Oregon · May 7, 2020
 D
Murphy, Christopher
Connecticut · May 7, 2020
 D
Reed, Jack
Rhode Island · May 7, 2020
 I
Sanders, Bernard
Vermont · May 7, 2020
 D
Schatz, Brian
Hawaii · May 7, 2020
 D
Smith, Tina
Minnesota · May 7, 2020
 D
Van Hollen, Chris
Maryland · May 7, 2020
 D
Warren, Elizabeth
Massachusetts · May 7, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3640: CARES Windfall for the Wealthiest Repeal Act. 116th Congress. Open America. https://openamerica.io/bill/116-S-3640/
MLA
"S. 3640: CARES Windfall for the Wealthiest Repeal Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-3640/.
Bluebook (legal)
S. 3640, 116th Cong. (2026), https://openamerica.io/bill/116-S-3640/.
Markdown link
[S. 3640: CARES Windfall for the Wealthiest Repeal Act](https://openamerica.io/bill/116-S-3640/)
Report a problem