To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115-97.

Bill: 116-hr-3587
Sponsor: full_name: Rep. Schweikert, David [R-AZ-6]
Introduced: 2019-06-27
Policy area: Taxation
Subjects: Business expenses

Income tax deductions

Tax administration and collection, taxpayers
Latest action: action_date: 2019-06-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2019-06-27
action_desc: Introduced in House
text: <p>This bill 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).</p> <p>The bill also allows an extension of the deadline for filing an application for a tentative carryback adjustment for net operating losses arising before January 1, 2018, and ending after December 31, 2017.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3587 IN THE HOUSE OF REPRESENTATIVES June 27, 2019 Mr. Schweikert (for himself, Mr. Brendan F. Boyle of Pennsylvania , and Mrs. Fletcher ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify the effective date for the modification to net operating loss deductions in Public Law 115–97 .

1. Modification of effective date of modifications to net operating loss deductions (a) In general Section 13302(e)(2) of Public Law 115–97 is amended by striking ending and inserting beginning . (b) Extension of deadline for filing application for tentative carryback adjustments In the case of a net operating loss carryback of a net operating loss arising in a taxable year beginning before January 1, 2018, and ending after December 31, 2017, an application under section 6411(a) shall not fail to be treated as timely filed if filed not later than the date which is 120 days after the date of the enactment of this Act. (c) Effective date (1) In general Except as otherwise provided in this subsection, the amendment made by this section shall take effect as if included in section 13302 of Public Law 115–97 . (2) Elective application The amendment made by this section shall apply only if the taxpayer elects (at such time and in such manner as the Secretary, or the Secretary’s delegate, may provide) the application of this section.