Senate Bill 3640
116th Congress(2019-2020)
CARES Windfall for the Wealthiest Repeal Act
Introduced
Introduced in Senate on May 7, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3640
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
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.
May 7, 2020
05/07/2020
Read twice and referred to the Committee on Finance.
05/07/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:42:44 PM