,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fcia  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #be1 #bjbj,mr4   
,s*neid] introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to all[ = a #e-ye>       
c>ryback ( op]at+ losses ( small        
bus9esses1 & = o!r purposes4  #a4 #e-ye>
 c>ryback ( op]at+ losses ( small       
bus9esses  7a7 ,9 g5]al ,section        
#agb7;b77#a7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !     
foll[+ new subp>agraph3  7,d7 ,c>ryback 
= #bjbj net op]at+ losses ( small       
bus9esses due to ,,covid-#ai  7i7 ,9    
g5]al ,if an eligible small bus9ess     
elects ! application ( ?is subp>agraph )
 respect to an applicable #bjbj net     
op]at+ loss due to ,,covid-#ai1         
subp>agraph 7,a77i7 %all be appli$ by   
sub/itut+ %all be a net op]at+ loss     
c>ryback to ea* ( ! #e taxable ye>s     
prec$+ ! taxable ye> ( su* loss = %all n
 be a net op]at+ loss c>ryback to any   

taxable ye> prec$+ ! taxable ye> ( su*  
loss4  7ii7 ,applicable #bjbj net op]at+
 loss ,= purposes ( ?is subp>agraph1 !  
t]m applicable #bjbj net op]at+ loss    
means-- 7,i7 ! taxpay]'s net op]at+ loss
 = any taxable ye> end+ 9 #bjbj1 or     
7,,ii7 if ! taxpay] elects to h ?is     
subclause apply 9 lieu ( subclause 7,i71
 ! taxpay]'s net op]at+ loss = any      
taxable ye> beg9n+ 9 #bjbj4  7iii7      
,election ,any election "u ?is          
subp>agraph %all be made 9 su* mann] z  
may be prescrib$ by ! ,secret>y1 & %all 
be made by ! due date 7includ+ ext5sion 
( "t7 = fil+ ! taxpay]'s return = !     
taxable ye> ( ! net op]at+ loss4 ,any   
su* election1 once made1 %all be        
irrevocable4 ,any election "u ?is       
subp>agraph may be made only ) respect  
to #a taxable ye>4  7iv7 ,eligible small
 bus9ess ,= purposes ( ?is subp>agraph1 
! t]m eligible small bus9ess means a    
small bus9ess ) few] ?an #bej employees 
t is a small bus9ess conc]n z def9$ 9   
section #c7;a7 ( ! ,small ,bus9ess ,act 

7#ae ,u4,s4,c4 #fcb7;a774  4  7b7       
,anti-,abuse rules ,! ,secret>y ( !     
,treasury or ! ,secret>y's designee %all
 prescribe su* rules z are necess>y to  
prev5t ! abuse ( ! purposes ( ! am5dm5ts
 made by ?is section1 includ+ anti-/uff+
 rules1 anti-*urn+ rules 7includ+ rules 
relat+ to sale-leasebacks71 & rules     
simil> to ! rules "u section #ajia ( !  
,int]nal ,rev5ue ,code ( #aihf relat+ to
 losses f wa% sales4  7c7 ,effective    
date ,! am5dm5ts made by ?is section    
%all apply to net op]at+ losses aris+ 9 
taxable ye>s end+ aft] ,decemb] #ca1    
#bjai4