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H.R. 696 117th Congress House

CARES Windfall for the Wealthiest Repeal Act

Official title: To amend the Internal Revenue Code of 1986 to impose a limitation on excess business losses of non-corporate taxpayers and to modify the carryback of net operating losses for certain taxable years.

Introduced: February 2, 2021 Introduced by: Lloyd Doggett Democratic · Texas See on congress.gov
Taxation Agricultural prices, subsidies, creditBusiness expensesIncome tax deductionsTax administration and collection, taxpayers
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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
Feb 2, 2021
Referred to the House Committee on Ways and Means.
Feb 2, 2021
Introduced in House
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 Latest action February 2, 2021

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

CARES Windfall for the Wealthiest Repeal Act

This bill restores and makes permanent the limitation on excess businesses losses of noncorporate taxpayers. It also allows taxpayers a carryback of their net operating losses arising in 2019 and 2020.

 Related & companion bills 1
  • S 147 Identical bill CARES Windfall for the Wealthiest Repeal Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 31
All 31 Democratic 22
D
Beyer, Donald S.
Virginia · Feb 2, 2021
Blumenauer, Earl
· Feb 2, 2021
 D
Bonamici, Suzanne
Oregon · Feb 2, 2021
 D
Casten, Sean
Illinois · Feb 2, 2021
 D
Chu, Judy
California · Feb 2, 2021
Cicilline, David
· Feb 2, 2021
 D
Cohen, Steve
Tennessee · Feb 2, 2021
 D
Connolly, Gerald E.
Virginia · Feb 2, 2021
DEFAZIO, PETER
· Feb 2, 2021
 D
DeGette, Diana
Colorado · Feb 2, 2021
 D
DeLauro, Rosa L.
Connecticut · Feb 2, 2021
Eshoo, Anna
· Feb 2, 2021
 D
Garcia, Sylvia R.
Texas · Feb 2, 2021
 D
García, Jesús G. "Chuy"
Illinois · Feb 2, 2021
 D
Grijalva, Raúl M.
Arizona · Feb 2, 2021
 D
Hayes, Jahana
Connecticut · Feb 2, 2021
 D
Kaptur, Marcy
Ohio · Feb 2, 2021
LANGEVIN, JAMES
· Feb 2, 2021
 D
Lieu, Ted
California · Feb 2, 2021
 D
McGovern, James P.
Massachusetts · Feb 2, 2021
 D
Nadler, Jerrold
New York · Feb 2, 2021
 D
Norton, Eleanor Holmes
District of Columbia · Feb 2, 2021
 D
Pingree, Chellie
Maine · Feb 2, 2021
 D
Pocan, Mark
Wisconsin · Feb 2, 2021
RYAN, TIM
· Feb 2, 2021
Sarbanes, John
· Feb 2, 2021
 D
Scanlon, Mary Gay
Pennsylvania · Feb 2, 2021
 D
Schakowsky, Janice D.
Illinois · Feb 2, 2021
 D
Tonko, Paul
New York · Feb 2, 2021
 D
Watson Coleman, Bonnie
New Jersey · Feb 2, 2021
 D
Welch, Peter
Vermont · Feb 2, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 696: CARES Windfall for the Wealthiest Repeal Act. 117th Congress. Open America. https://openamerica.io/bill/117-HR-696/
MLA
"H.R. 696: CARES Windfall for the Wealthiest Repeal Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-696/.
Bluebook (legal)
H.R. 696, 117th Cong. (2026), https://openamerica.io/bill/117-HR-696/.
Markdown link
[H.R. 696: CARES Windfall for the Wealthiest Repeal Act](https://openamerica.io/bill/117-HR-696/)
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