S.3640 - CARES Windfall for the Wealthiest Repeal Act116th Congress (2019-2020) |
|Sponsor:||Sen. Whitehouse, Sheldon [D-RI] (Introduced 05/07/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/07/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3640 — 116th Congress (2019-2020)All Information (Except Text)
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.