HR 6579
To amend the Internal Revenue Code of 1986 to allow certain taxpayers a 2-year carryback of net operating losses and to restore and make permanent the limitation on excess business losses of non-corporate taxpayers.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill makes permanent a limitation on excess business losses for non-corporate taxpayers and allows certain taxpayers a two-year carryback of net operating losses arising in 2020. It also establishes a mechanism for an advance carryback of estimated net operating losses for small businesses in 2020, subject to specific requirements and limitations. The bill aims to provide tax relief and stimulate economic activity by allowing businesses to utilize past losses to offset current income.
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Primary sponsor
Cosponsors
Alan S. Lowenthal
Alcee L. Hastings
Anna G. Eshoo
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