,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fcia  ,,in ,,the ,,house ,,of  
,,representatives  ,march #be1 #bjbj,mr4
 ,schneider introduced the following    
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to allow for a #e-year  
carryback of operating losses of small  
businesses1 and for other purposes4  #a4
 #e-year carryback of operating losses  
of small businesses  7a7 ,in general    
,section #agb7;b77#a7 of the ,internal  
,revenue ,code of #aihf is amended by   
adding at the end the following new     
subparagraph3  7,d7 ,carryback for #bjbj
 net operating losses of small          
businesses due to ,,covid-#ai  7i7 ,in  
general ,if an eligible small business  
elects the application of this          
subparagraph with respect to an         
applicable #bjbj net operating loss due 
to ,,covid-#ai1 subparagraph 7,a77i7    
shall be applied by substituting shall  
be a net operating loss carryback to    

each of the #e taxable years preceding  
the taxable year of such loss for shall 
not be a net operating loss carryback to
 any taxable year preceding the taxable 
year of such loss4  7ii7 ,applicable    
#bjbj net operating loss ,for purposes  
of this subparagraph1 the term          
applicable #bjbj net operating loss     
means-- 7,i7 the taxpayer's net         
operating loss for any taxable year     
ending in #bjbj1 or  7,,ii7 if the      
taxpayer elects to have this subclause  
apply in lieu of subclause 7,i71 the    
taxpayer's net operating loss for any   
taxable year beginning in #bjbj4  7iii7 
,election ,any election under this      
subparagraph shall be made in such      
manner as may be prescribed by the      
,secretary1 and shall be made by the due
 date 7including extension of time7 for 
filing the taxpayer's return for the    
taxable year of the net operating loss4 
,any such election1 once made1 shall be 
irrevocable4 ,any election under this   
subparagraph may be made only with      

respect to #a taxable year4  7iv7       
,eligible small business ,for purposes  
of this subparagraph1 the term eligible 
small business means a small business   
with fewer than #bej employees that is a
 small business concern as defined in   
section #c7;a7 of the ,small ,business  
,act 7#ae ,u4,s4,c4 #fcb7;a774  4  7b7  
,anti-,abuse rules ,the ,secretary of   
the ,treasury or the ,secretary's       
designee shall prescribe such rules as  
are necessary to prevent the abuse of   
the purposes of the amendments made by  
this section1 including anti-stuffing   
rules1 anti-churning rules 7including   
rules relating to sale-leasebacks71 and 
rules similar to the rules under section
 #ajia of the ,internal ,revenue ,code  
of #aihf relating to losses from wash   
sales4  7c7 ,effective date ,the        
amendments made by this section shall   
apply to net operating losses arising in
 taxable years ending after ,december   
#ca1 #bjai4