US SB1996 | 2019-2020 | 116th Congress
Status
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: Introduced on June 26 2019 - 25% progression, died in committee
Action: 2019-06-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 26 2019 - 25% progression, died in committee
Action: 2019-06-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Tax Cuts and Jobs Act of 2017 (P.L. 115-97) to provide that the net operating carryforward and carryback modifications in that Act are effective for net operating losses arising in taxable years beginning after December 31, 2017 (instead of tax years ending after December 31, 2017).
Title
Net Operating Loss Clarification Act of 2019
Sponsors
| Sen. Martha McSally [R-AZ] | Sen. Kyrsten Sinema [I-AZ] | Sen. Marsha Blackburn [R-TN] | Sen. John Cornyn [R-TX] |
| Sen. Lamar Alexander [R-TN] | Sen. Cindy Hyde-Smith [R-MS] | Sen. Ted Cruz [R-TX] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-06-26 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3587 (Related) 2019-06-27 - Referred to the House Committee on Ways and Means.
Subjects
Agricultural prices, subsidies, credit
Income tax deductions
Life, casualty, property insurance
Tax administration and collection, taxpayers
Taxation
Income tax deductions
Life, casualty, property insurance
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1996/all-info |
| Text | https://www.congress.gov/116/bills/s1996/BILLS-116s1996is.pdf |
