HR 6391
To amend the Internal Revenue Code of 1986 to allow for a 5-year carryback of operating losses of small businesses, and for other purposes.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill allows small businesses with fewer than 250 employees to carry back certain net operating losses incurred in 2020 due to the COVID-19 pandemic for a period of five years. It amends the Internal Revenue Code to specifically allow this carryback, providing financial relief to businesses impacted by the economic effects of the pandemic. The bill also includes provisions to prevent abuse of this provision and establishes an effective date for the changes.
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