arrow_back Back to App

Tax Changes: Limiting Tax Breaks for the Wealthiest and Loss Rules.

This legal act aims to limit the ability of non-corporate taxpayers to deduct large business losses. It also modifies the rules for carrying back net operating losses from 2019 and 2020 to previous years, with exclusions for certain large corporations and individuals with high compensation. The goal is to ensure tax benefits do not disproportionately favor the wealthiest.
Key points
Limits the ability of individuals (non-corporate taxpayers) to deduct excessive business losses, potentially increasing their tax burden.
Changes rules for carrying back net operating losses from 2019 and 2020, with exceptions for companies paying high executive compensation or large distributions.
Provisions apply retroactively to tax years beginning after December 31, 2017, potentially affecting previously filed tax returns.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_696
Sponsor: Rep. Doggett, Lloyd [D-TX-35]
Process start date: 2021-02-02
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

CARES Windfall for the Wealthiest Repeal Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_696.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-02.

What are the main provisions?

Key points include:

  • Limits the ability of individuals (non-corporate taxpayers) to deduct excessive business losses, potentially increasing their tax burden.
  • Changes rules for carrying back net operating losses from 2019 and 2020, with exceptions for companies paying high executive compensation or large distributions.
  • Provisions apply retroactively to tax years beginning after December 31, 2017, potentially affecting previously filed tax returns.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Doggett, Lloyd [D-TX-35].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes