A bill to amend the Internal Revenue Code of 1986 to impose a limitation on excess business losses of non-corporate taxpayers and to modify the carryback of net operating losses for certain taxable years.
CARES Windfall for the Wealthiest Repeal Act
This bill restores and makes permanent the limitation on excess businesses losses of noncorporate taxpayers. It also allows taxpayers a carryback of their net operating losses arising in 2019 and 2020.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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