CARES Windfall for the Wealthiest Repeal Act

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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D WhitehouseSponsor

23 cosponsors · 21 D, 2 I

23 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in Senate · May 7, 2020

CARES Windfall for the Wealthiest Repeal Act

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: CARES Windfall for the Wealthiest Repeal Act

Latest action (May 7, 2020): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: May 7, 2020

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.