S 147 · 117th Congress 2021–2023, ended

CARES Windfall for the Wealthiest Repeal Act

Introduced Feb 2, 2021 Originated Senate Sponsor Sheldon Whitehouse D-RI

Fact sheet Spreadsheet

Latest action · Feb 2, 2021 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 2, 2021
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 16

Members who signed on, in the order they did. All signed on Feb 2, 2021.

SeatCosponsorSigned on
D-MNAmy KlobucharOriginalFeb 2, 2021
I-MEAngus S. King Jr.OriginalFeb 2, 2021
I-VTBernard SandersOriginalFeb 2, 2021
D-HIBrian SchatzOriginalFeb 2, 2021
D-CTChristopher MurphyOriginalFeb 2, 2021
D-NJCory A. BookerOriginalFeb 2, 2021
D-MAEdward J. MarkeyOriginalFeb 2, 2021
D-MAElizabeth WarrenOriginalFeb 2, 2021
D-RIJack ReedOriginalFeb 2, 2021
D-ORJeff MerkleyOriginalFeb 2, 2021
D-HIMazie K. HironoOriginalFeb 2, 2021
D-VTPatrick J. LeahyOriginalFeb 2, 2021
D-CTRichard BlumenthalOriginalFeb 2, 2021
D-ILRichard J. DurbinOriginalFeb 2, 2021
D-OHSherrod BrownOriginalFeb 2, 2021
Show all 16 cosponsors

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateFinance Committee
Referred Feb 2, 2021

Actions 2

Everything that happened, newest first.

  1. Feb 2, 2021Introduced in Senate
  2. Feb 2, 2021Read twice and referred to the Committee on Finance.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 696CARES Windfall for the Wealthiest Repeal ActIdentical billFeb 2, 2021

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
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.
Short Title(s) as Introduced
CARES Windfall for the Wealthiest Repeal Act

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Feb 2, 2021Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.