Proposal:CARES Windfall for the Wealthiest Repeal Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 3640
Type of Legislation	Senate Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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.

Bill Title

CARES Windfall for the Wealthiest Repeal Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2020-05-07: Read twice and referred to the Committee on Finance.
• 2020-05-07: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.