US SB3640 | 2019-2020 | 116th Congress
Status
Spectrum: Strong Partisan Bill (Democrat 22-2)
Status: Introduced on May 7 2020 - 25% progression, died in committee
Action: 2020-05-07 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 7 2020 - 25% progression, died in committee
Action: 2020-05-07 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
CARES Windfall for the Wealthiest Repeal Act
Sponsors
| Sen. Sheldon Whitehouse [D-RI] | Sen. Sherrod Brown [D-OH] | Sen. Patrick Leahy [D-VT] | Sen. Bernard Sanders [I-VT] |
| Sen. Tom Udall [D-NM] | Sen. Richard Blumenthal [D-CT] | Sen. Richard Durbin [D-IL] | Sen. Edward Markey [D-MA] |
| Sen. Chris Van Hollen [D-MD] | Sen. Angus King [I-ME] | Sen. Elizabeth Warren [D-MA] | Sen. Kamala Harris [D-CA] |
| Sen. Thomas Carper [D-DE] | Sen. Amy Klobuchar [D-MN] | Sen. Christopher Coons [D-DE] | Sen. Jack Reed [D-RI] |
| Sen. Christopher Murphy [D-CT] | Sen. Kirsten Gillibrand [D-NY] | Sen. Cory Booker [D-NJ] | Sen. Tammy Baldwin [D-WI] |
| Sen. Tina Smith [D-MN] | Sen. Mazie Hirono [D-HI] | Sen. Brian Schatz [D-HI] | Sen. Jeff Merkley [D-OR] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-05-07 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB6579 (Related) 2020-04-21 - Referred to the House Committee on Ways and Means.
Subjects
Agricultural prices, subsidies, credit
Business expenses
Income tax deductions
Small business
Tax administration and collection, taxpayers
Taxation
Business expenses
Income tax deductions
Small business
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/3640/all-info |
| Text | https://www.congress.gov/116/bills/s3640/BILLS-116s3640is.pdf |
