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- S.3640
S.3640: CARES Windfall for the Wealthiest Repeal Act
About This Bill
- Introduced May 7, 2020
- Latest Major Action May 7, 2020
Bill Sponsor
Bill Cosponsors
23 (21 Democrats, 2 Independent Democrats)
Bill Version
- Introduced in Senate - May 7, 2020
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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| May 7, 2020 |
Read twice and referred to the Committee on Finance.
|
| May 7, 2020 |
Introduced in the Senate by Sheldon Whitehouse (D-R.I.) |