,,ii  #aag? ,,congress  #a/ ,session    
,s4 #adg  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #b1 #bjba,mr4 
,:iteh\se 7= himself1 ,mr4 ,br[n1 ,ms4  
,w>r51 ,ms4 ,baldw91 ,mr4 ,blum5?al1    
,mr4 ,k+1 ,mr4 ,m>key1 ,mr4 ,durb91 ,mr4
 ,m]kley1 ,mr4 ,re$1 ,mr4 ,book]1 ,mr4  
,s&]s1 ,ms4 ,hirono1 ,mr4 ,murphy1 ,mr4 
,leahy1 ,mr4 ,s*atz1 & ,ms4 ,klobu*>7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to impose a       
limitation on excess bus9ess losses (   
non-corporate taxpay]s & to modify !    
c>ryback ( net op]at+ losses = c]ta9    
taxable ye>s4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,,c>es ,w9dfall = !    
,weal?ie/ ,repeal ,act4  #b4 ,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 ( a taxpay] o!r   

?an a corporation1 any excess bus9ess   
loss ( ! taxpay] %all n be all[$4  4    
7b7 ,f>m+ losses ,section #dfa ( su*    
,code is am5d$ by /rik+ subsection 7j74 
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjag4  #c4   
,c]ta9 taxpay]s all[$ c>ryback ( net    
op]at+ losses aris+ 9 #bjai & #bjbj  7a7
 ,c>ryback ( losses aris+ 9 #bjai &     
#bjbj  7#a7 ,9 g5]al ,section           
#agb7;b77#a77;,d77i7 ( ! ,int]nal       
,rev5ue ,code ( #aihf is am5d$ to read z
 foll[s3  7i7 ,9 g5]al ,9 ! case ( any  
net op]at+ loss aris+ 9 a taxable ye>   
beg9n+ aft] ,decemb] #ca1 #bjah1 & be=e 
,janu>y #a1 #bjba1 & to :i* subp>agraphs
 7,b7 & 7,c77i7 d n apply1 su* loss %all
 be a net op]at+ loss c>ryback to ea*   
taxable ye> prec$+ ! taxable ye> ( su*  
loss1 b n to any taxable ye> beg9n+ be=e
 ,janu>y #a1 #bjah4  4  7#b7 ,con=m+    
am5dm5ts  7,a7 ,! head+ = section       
#agb7;b77#a77;,d7 ( su* ,code is am5d$  
by /rik+ #bjah1 #bjai1 & & ins]t+ #bjai 

&4  7,b7 ,section #agb7;b77#a77;,d7 (   
su* ,code is am5d$ by /rik+ clause 7iii7
 & by r$esignat+ clauses 7iv7 & 7v7 z   
clauses 7iii7 & 7iv71 respectively4     
7,c7 ,section #agb7;b77#a77;,d77iii7 (  
su* ,code1 z s r$esignat$1 is am5d$ by  
/rik+ 7i77,i7 & ins]t+ 7i74  7,d7       
,section #agb7;b77#a77;,d77iv7 ( su*    
,code1 z s r$esignat$1 is am5d$-- 7i7 by
 /rik+ ,if ! #e-ye> c>ryback p]iod "u   
clause 7i77,i7 9 subclause 7,i7 & ins]t+
 ,if ! c>ryback p]iod "u clause 7i71 &  
7ii7 by /rik+ #bjah or 9 subclause      
7,,ii74  7b7 ,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  7v7 ,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  7vi7 ,specifi$ corporation ,=     
purposes ( clause 7v7-- 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 
fair m>ket value ( /ock 7z ( ! issue    
date ( su* /ock7 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 

7vii7 ,relat$ p]son ,= purposes ( clause
 7v71 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  7c7 ,effective date ,!
 am5dm5ts made by ?is section %all take 
effect z if includ$ 9 ! enactm5t (      
section #bcjc7;b7 ( ! ,coronavirus ,aid1
 ,relief1 & ,economic ,security ,act4