,,ii  #aagth ,,congress  #ast ,session  
,s4 #adg  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #b1       
#bjba,mr4 ,whitehouse 7for himself1 ,mr4
 ,brown1 ,ms4 ,warren1 ,ms4 ,baldwin1   
,mr4 ,blumenthal1 ,mr4 ,king1 ,mr4      
,markey1 ,mr4 ,durbin1 ,mr4 ,merkley1   
,mr4 ,reed1 ,mr4 ,booker1 ,mr4 ,sanders1
 ,ms4 ,hirono1 ,mr4 ,murphy1 ,mr4       
,leahy1 ,mr4 ,schatz1 and ,ms4          
,klobuchar7 introduced the following    
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to impose a limitation on     
excess business losses of non-corporate 
taxpayers and to modify the carryback of
 net operating losses for certain       
taxable years4  #a4 ,short title ,this  
,act may be cited as the ,,cares        
,windfall for the ,wealthiest ,repeal   
,act4  #b4 ,limitation on excess        
business losses of non-corporate        
taxpayers restored and made permanent   
7a7 ,in general ,section #dfa7l77#a7 of 

the ,internal ,revenue ,code of #aihf is
 amended to read as follows3  7#a7      
,limitation ,in the case of a taxpayer  
other than a corporation1 any excess    
business loss of the taxpayer shall not 
be allowed4  4  7b7 ,farming losses     
,section #dfa of such ,code is amended  
by striking subsection 7j74  7c7        
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjag4  #c4 ,certain taxpayers allowed  
carryback of net operating losses       
arising in #bjai and #bjbj  7a7         
,carryback of losses arising in #bjai   
and #bjbj  7#a7 ,in general ,section    
#agb7;b77#a77;,d77i7 of the ,internal   
,revenue ,code of #aihf is amended to   
read as follows3  7i7 ,in general ,in   
the case of any net operating loss      
arising in a taxable year beginning     
after ,december #ca1 #bjah1 and before  
,january #a1 #bjba1 and to which        
subparagraphs 7,b7 and 7,c77i7 do not   
apply1 such loss shall be a net         

operating loss carryback to each taxable
 year preceding the taxable year of such
 loss1 but not to any taxable year      
beginning before ,january #a1 #bjah4  4 
7#b7 ,conforming amendments  7,a7 ,the  
heading for section #agb7;b77#a77;,d7 of
 such ,code is amended by striking      
#bjah1 #bjai1 and and inserting #bjai   
and4  7,b7 ,section #agb7;b77#a77;,d7 of
 such ,code is amended by striking      
clause 7iii7 and by redesignating       
clauses 7iv7 and 7v7 as clauses 7iii7   
and 7iv71 respectively4  7,c7 ,section  
#agb7;b77#a77;,d77iii7 of such ,code1 as
 so redesignated1 is amended by striking
 7i77,i7 and inserting 7i74  7,d7       
,section #agb7;b77#a77;,d77iv7 of such  
,code1 as so redesignated1 is amended-- 
7i7 by striking ,if the #e-year         
carryback period under clause 7i77,i7 in
 subclause 7,i7 and inserting ,if the   
carryback period under clause 7i71 and  
7ii7 by striking #bjah or in subclause  
7,,ii74  7b7 ,disallowed for certain    
taxpayers ,section #agb7;b77#a77;,d7 of 

such ,code1 as amended by the preceding 
provisions of this ,act1 is amended by  
adding at the end the following new     
clauses3  7v7 ,carryback disallowed for 
certain taxpayers ,clause 7i7 shall not 
apply with respect to any loss arising  
in a taxable year in which-- 7,i7 the   
taxpayer 7or any related person7 is not 
allowed a deduction under this chapter  
for the taxable year by reason of       
section #afb7m7 or section #bhj;,g1 or  
7,,ii7 the taxpayer 7or any related     
person7 is a specified corporation for  
the taxable year4  7vi7 ,specified      
corporation ,for purposes of clause     
7v7-- 7,i7 ,in general ,the term        
specified corporation means1 with       
respect to any taxable year1 a          
corporation the aggregate distributions 
7including redemptions7 of which during 
all taxable years ending after ,december
 #ca1 #bjag1 exceed the sum of          
applicable stock issued of such         
corporation and #e percent of the fair  
market value of the stock of such       

corporation as of the last day of the   
taxable year4  7,,ii7 ,applicable stock 
issued ,the term applicable stock issued
 means1 with respect to any corporation1
 the aggregate fair market value of     
stock 7as of the issue date of such     
stock7 issued by the corporation during 
all taxable years ending after ,december
 #ca1 #bjag1 in exchange for money or   
property other than stock in such       
corporation4  7,,iii7 ,certain preferred
 stock disregarded ,for purposes of     
subclause 7,i71 stock described in      
section #aejd7;a77#d71 and distributions
 7including redemptions7 with respect to
 such stock1 shall be disregarded4      
7vii7 ,related person ,for purposes of  
clause 7v71 a person is a related person
 to a taxpayer if the related person    
bears a relationship to the taxpayer    
specified in section #bfg7;b7 or section
 #gjg7;b77#a74  4  7c7 ,effective date  
,the amendments made by this section    
shall take effect as if included in the 
enactment of section #bcjc7;b7 of the   

,coronavirus ,aid1 ,relief1 and         
,economic ,security ,act4