,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #fegi ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ba1 #bjbj,mr4 ,doggett 7= himself1 ,mr4 ,rask91 ,ms4 ,de,lauro1 ,mr4 ,coh51 ,mr4 ,bey]1 ,mr4 ,blum5au]1 ,mr4 ,khanna1 ,mr4 ,pocan1 ,ms4 ,s*ak[sky1 ,mr4 ,wel*1 ,ms4 ,wild1 ,mr4 ,de,fazio1 ,ms4 ,jayapal1 & ,ms4 ,om>7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to all[ c]ta9 taxpay]s a #b-ye> c>ryback ( net op]at+ losses & to re/ore & make p]man5t ! limitation on excess bus9ess losses ( non-corporate taxpay]s4 #a4 ,limitation on excess bus9ess losses ( non-corporate taxpay]s re/or$ & made p]man5t 7a7 ,9 g5]al ,section #dfa7l77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ,limitation ,9 ! case ( taxable ye> ( a taxpay] o!r ?an a corporation beg9n+ aft] ,decemb] #ca1 #bjag-- 7,a7 subsection 7j7 7relat+ to limitation on excess f>m losses ( c]ta9 taxpay]s7 %all n apply1 & 7,b7 any excess bus9ess loss ( ! taxpay] = ! taxable ye> %all n be all[$4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all take effect z if includ$ 9 section #bcjd7;a7 ( ! ,coronavirus ,aid1 ,relief1 & ,economic ,security ,act4 #b4 ,c]ta9 taxpay]s all[$ #b-ye> c>ryback ( net op]at+ losses aris+ 9 #bjbj 7a7 ,two-,ye> c>ryback ( losses aris+ 9 #bjbj 7#a7 ,9 g5]al ,section #agb7;b77#a77;,d77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by /rik+ beg9n+ aft] ,decemb] #ca1 #bjag & ins]t+ beg9n+ aft] ,decemb] #ca1 #bjai1 & 7,b7 by /rik+ #e taxable ye>s 9 subclause 7,i7 & ins]t+ #b taxable ye>s4 7#b7 ,con=m+ am5dm5ts 7,a7 ,! head+ = section #agb7;b77#a77;,d7 ( su* ,code is am5d$ by /rik+ #bjah1 #bjai1 &4 7,b7 ,section #agb7;b77#a77;,d7 ( su* ,code is am5d$ by /rik+ clause 7iii7 & by r$esignat+ clauses 7iv7 & 7v7 z clauses 7iii7 & 7iv71 respectively4 7,c7 ,section #agb7;b77#a77;,d77iv7 ( su* ,code1 z s r$esignat$1 is am5d$-- 7i7 by /rik+ subclause 7,,ii71 & 7ii7 by /rik+ ,special rules & all t foll[s ?r\gh ,if ! #e-ye> c>ryback p]iod & ins]t+ ! foll[+3 ,special rule = election "u p>agraph 7#c7 to exclude section #ife ye>s4--,if ! #b-ye> c>ryback p]iod4 7b7 ,c>ryback only all[$ = small bus9esses 7#a7 ,9 g5]al ,section #agb7;b77#a77;,d77i7 ( su* ,code is am5d$ by /rik+ net op]at+ loss aris+ & ins]t+ net op]at+ loss ( an eligible small bus9ess aris+4 7#b7 ,eligible small bus9ess ,section #agb7;b77#a77;,d7 ( su* ,code1 z am5d$ by ! prec$+ provisions ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new clause3 7v7 ,eligible small bus9ess ,= purposes ( clause 7i71 ! t]m eligible small bus9ess means a corporation or p>tn]%ip :i* meets ! gross receipts te/ ( section #ddh7;c7 7appli$ by sub/itut+ #ae1jjj1jjj = #be1jjj1jjj ea* place x appe>s7 = ! taxable ye> 9 :i* ! loss arose 7or1 9 ! case ( a sole proprietor%ip1 :i* w\ld meet su* te/ if su* proprietor%ip 7 a corporation74 4 7c7 ,disall[$ = c]ta9 taxpay]s ,section #agb7;b77#a77;,d7 ( su* ,code1 z am5d$ by ! prec$+ provisions ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new clauses3 7vi7 ,c>ryback disall[$ = c]ta9 taxpay]s ,clause 7i7 %all n apply ) respect to any loss aris+ 9 a taxable ye> 9 :i*-- 7,i7 ! taxpay] 7or any relat$ p]son7 is n all[$ a d$uction "u ?is *apt] = ! taxable ye> by reason ( section #afb7m7 or section #bhj;,g1 or 7,,ii7 ! taxpay] 7or any relat$ p]son7 is a specifi$ corporation = ! taxable ye>4 7vii7 ,specifi$ corporation ,= purposes ( clause 7vi7-- 7,i7 ,9 g5]al ,! t]m specifi$ corporation means1 ) respect to any taxable ye>1 a corporation ! aggregate di/ributions 7includ+ r$emptions7 ( :i* dur+ all taxable ye>s end+ aft] ,decemb] #ca1 #bjag1 exce$ ! sum ( applicable /ock issu$ ( su* corporation & #e p]c5t ( ! fair m>ket value ( ! /ock ( su* corporation z ( ! la/ day ( ! taxable ye>4 7,,ii7 ,applicable /ock issu$ ,! t]m applicable /ock issu$ means1 ) respect to any corporation1 ! aggregate value ( /ock issu$ by ! corporation dur+ all taxable ye>s end+ aft] ,decemb] #ca1 #bjag1 9 ex*ange = money or prop]ty o!r ?an /ock 9 su* corporation4 7,,iii7 ,c]ta9 pref]r$ /ock disreg>d$ ,= purposes ( subclause 7,i71 /ock describ$ 9 section #aejd7;a77#d71 & di/ributions 7includ+ r$emptions7 ) respect to su* /ock1 %all be disreg>d$4 7viii7 ,relat$ p]son ,= purposes ( clause 7vi71 a p]son is a relat$ p]son to a taxpay] if ! relat$ p]son be>s a relation%ip to ! taxpay] specifi$ 9 section #bfg7;b7 or section #gjg7;b77#a74 4 7d7 ,advance c>ryback ( e/imat$ net op]at+ losses aris+ 9 #bjbj 7#a7 ,9 g5]al ,9 ! case ( a taxable ye> beg9n+ aft] ,decemb] #ca1 #bjai1 & be=e ,janu>y #a1 #bjba1 a taxpay] may file an application ) ! ,secret>y ( ! ,treasury = an advance c>ryback adju/m5t ( ! tax = a prior taxable ye> t w\ld be affect$1 by reason ( ! am5dm5ts made by ?is section1 by s mu* ( any net op]at+ loss e/imat$ by ! taxpay] to arise 9 ! taxable ye> to :i* ! application relates z does n exce$ #ajj1jjj4 7#b7 ,application ,! application %all set =? 9 su* detail & ) su* support+ data & explanation z ! ,secret>y may require an e/imate ( ! taxpay]'s net op]at+ loss t w arise 9 su* taxable ye>4 7#c7 ,due date = application ,an application "u ?is subsection may n be fil$ lat] ?an ! due date = fil+ ! return = ! taxable ye> ( ! net op]at+ loss f :i* ! c>ryback results4 7#d7 ,all[ance ( adju/m5ts ,n lat] ?an #cj days aft] ! date on :i* an application = an advance c>ryback adju/m5t is fil$ "u p>agraph 7#a71 ! ,secret>y %all dispose ( su* application "u rules simil> to ! rules ( section #fdaa ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#e7 ,r$uction ( net op]at+ loss = application ye> ,! am\nt ( any net op]at+ loss 7det]m9$ )\t reg>d to ?is p>agraph7 ( ! taxpay] = any taxable ye> f :i* an advance c>ryback adju/m5t is made "u ?is subsection %all be r$uc$ 7b n bel[ z]o7 by ! am\nt ( e/imat$ net op]at+ loss tak5 into acc\nt 9 det]m9+ an advance c>ryback adju/m5t ( ! taxpay] "u ?is subsection4 7#f7 ,recapture ,! taxpay]'s tax impos$ by *apt] #a = su* taxable ye> %all be increas$ by ! excess 7if any7 (-- 7,a7 ! r$uction 9 tax = all prior taxable ye>s by reason ( an advance c>ryback adju/m5t "u ?is subsection1 ov] 7,b7 ! r$uction 9 tax = all prior taxable ye>s by reason ( a net op]at+ loss f9ally aris+ 9 ! taxable ye> to :i* ! application "u ?is section relates4 7#g7 ,ref]5ces to ,secret>y ,any ref]5ce to ! ,secret>y ( ! ,treasury 9 ?is subsection %all be treat$ z includ+ a ref]5ce to ! ,secret>y's delegate4 7e7 ,effective date ,! am5dm5ts made by ?is section %all take effect z if includ$ 9 ! enactm5t ( section #bcjb7;b7 ( ! ,coronavirus ,aid1 ,relief1 & ,economic ,security ,act4