United States · Bill · S
S. 3640 (116th)
CARES Windfall for the Wealthiest Repeal Act
Introduced
7 May 2020
Last action
—
Status
Read twice and referred to the Committee on Finance.
Sponsors
—
Subjects
Discovery layer
Source updated
3 January 2025
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.
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Votes
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Versions
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 7 May 2020
Introduced in Senate (PDF)
Introduced in Senate · EN · 7 May 2020
Introduced in Senate
summary · EN · 7 May 2020
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/116th-congress/senate-bill/3640
- Open data entity: https://api.congress.gov/v3/bill/116/s/3640