CARES Windfall for the Wealthiest Repeal Act

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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Timeline

1. 7 May 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 7 May 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 7 May 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 May 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 7 May 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Sen. Udall, Tom [D-NM] · D · Sponsor
• Sen. Blumenthal, Richard [D-CT] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Sponsor
• Sen. King, Angus S., Jr. [I-ME] · I · Sponsor
• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Harris, Kamala D. [D-CA] · D · Sponsor
• Sen. Carper, Thomas R. [D-DE] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Murphy, Christopher [D-CT] · D · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Baldwin, Tammy [D-WI] · D · Sponsor
• Sen. Smith, Tina [D-MN] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Schatz, Brian [D-HI] · D · Sponsor
• Sen. Merkley, Jeff [D-OR] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to allow certain taxpayers a 2-year carryback of net operating losses and to restore and make permanent the limitation on excess business losses of non-corporate taxpayers.