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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

CARES Windfall for the Wealthiest Repeal Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill 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.

Actions Overview (1)

Date Actions Overview
05/07/2020Introduced in Senate

All Actions (1)

Date All Actions
05/07/2020Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (23)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance05/07/2020 Referred to

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Subjects (6)

Latest Summary (1)

There is one summary for S.3640. View summaries

Shown Here:
Introduced in Senate (05/07/2020)

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.