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To amend the Internal Revenue Code of 1986 to allow for a 5-year carryback of operating losses of small businesses, and for other purposes.

2/8/2022, 11:17 PM

Congressional Summary of HR 6391

This bill allows certain small businesses (fewer than 250 employees) a 5-year carryback of net operating losses incurred in 2020 due to COVID-19 (i.e., the coronavirus disease 2019).

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Current Status of Bill HR 6391

Bill HR 6391 is currently in the status of Bill Introduced since March 25, 2020. Bill HR 6391 was introduced during Congress 116 and was introduced to the House on March 25, 2020.  Bill HR 6391's most recent activity was Referred to the House Committee on Ways and Means. as of March 25, 2020

Bipartisan Support of Bill HR 6391

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6391

Primary Policy Focus

Taxation

Potential Impact Areas

- Administrative law and regulatory procedures
- Business expenses
- Cardiovascular and respiratory health
- Department of the Treasury
- Emergency medical services and trauma care
- Income tax deductions
- Infectious and parasitic diseases
- Small business

Alternate Title(s) of Bill HR 6391

To amend the Internal Revenue Code of 1986 to allow for a 5-year carryback of operating losses of small businesses, and for other purposes.
To amend the Internal Revenue Code of 1986 to allow for a 5-year carryback of operating losses of small businesses, and for other purposes.

Comments

Sponsors and Cosponsors of HR 6391

Bradley Scott Schneider
Bradley Scott Schneider
IllinoisDemocrat

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