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S 147 117th Congress Senate Taxation Agricultural prices, subsidies, credit Business expenses Income tax deductions Tax administration and collection, taxpayers

CARES Windfall for the Wealthiest Repeal Act

Introduced: February 2, 2021 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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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
Read twice and referred to the Committee on Finance.
Feb 2, 2021
Introduced in Senate
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 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.

What's happening now February 2, 2021

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 696 Identical bill CARES Windfall for the Wealthiest Repeal Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 14
All 14 Democratic 12 Independent 2
D
Baldwin, Tammy
Wisconsin · Feb 2, 2021
 D
Blumenthal, Richard
Connecticut · Feb 2, 2021
 D
Booker, Cory A.
New Jersey · Feb 2, 2021
 D
Durbin, Richard J.
Illinois · Feb 2, 2021
 D
Hirono, Mazie K.
Hawaii · Feb 2, 2021
 I
King, Angus S., Jr.
Maine · Feb 2, 2021
 D
Klobuchar, Amy
Minnesota · Feb 2, 2021
 D
Markey, Edward J.
Massachusetts · Feb 2, 2021
 D
Merkley, Jeff
Oregon · Feb 2, 2021
 D
Murphy, Christopher
Connecticut · Feb 2, 2021
 D
Reed, Jack
Rhode Island · Feb 2, 2021
 I
Sanders, Bernard
Vermont · Feb 2, 2021
 D
Schatz, Brian
Hawaii · Feb 2, 2021
 D
Warren, Elizabeth
Massachusetts · Feb 2, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 147: CARES Windfall for the Wealthiest Repeal Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-147/
MLA
"S. 147: CARES Windfall for the Wealthiest Repeal Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-147/.
Bluebook (legal)
S. 147, 117th Cong. (2026), https://openamerica.io/bill/117-S-147/.
Markdown link
[S. 147: CARES Windfall for the Wealthiest Repeal Act](https://openamerica.io/bill/117-S-147/)
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