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House Bill 2450
117th Congress(2021-2022)
To amend the Internal Revenue Code of 1986 to except certain individuals from the 80 percent taxable income limitation on net operating loss carryovers.
Introduced
Introduced
Introduced in House on Apr 12, 2021
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Introduced in House 
Apr 12, 2021
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Introduced in House(Apr 12, 2021)
Apr 12, 2021
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 2450 (Introduced-in-House)


117th CONGRESS
1st Session
H. R. 2450


To amend the Internal Revenue Code of 1986 to except certain individuals from the 80 percent taxable income limitation on net operating loss carryovers.

IN THE HOUSE OF REPRESENTATIVES

April 12, 2021

Ms. Newman introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to except certain individuals from the 80 percent taxable income limitation on net operating loss carryovers.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Certain individuals not subject to 80-percent taxable income limit on net operating loss carryovers.

(a) In general.—Section 172(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

“In the case of an individual (other than a trust or estate) whose modified adjusted gross income for the taxable year does not exceed $400,000, paragraph (2)(B)(ii) shall not apply. For purposes of the preceding sentence, the term ‘modified adjusted gross income’ means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.”.

(b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2020.