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
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2020
Read twice and referred to the Committee on Finance.
May 7, 2020
Introduced in Senate
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1