To amend the Internal Revenue Code of 1986 to except certain individuals from the 80 percent taxable income limitation on net operating loss carryovers.

Bill: 117-hr-2450
Sponsor: full_name: Rep. Newman, Marie [D-IL-3]
Introduced: 2021-04-12
Policy area: Taxation
Subjects: Income tax rates

Wages and earnings
Latest action: action_date: 2021-04-12
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-04-12
action_desc: Introduced in House
text: <p>This bill exempts taxpayers whose modified adjusted gross income does not exceed $400,000 in a taxable year from the 80% taxable income limit on net operating loss carryovers.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2450 IN THE HOUSE OF REPRESENTATIVES April 12, 2021 Ms. Newman 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 except certain individuals from the 80 percent taxable income limitation on net operating loss carryovers.

1. Certain individuals not subject to 80-percent taxable income limit on net operating loss carryovers (a) In general Section 172(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of an individual (other than a trust or estate) whose modified adjusted gross income for the taxable year does not exceed $400,000, paragraph (2)(B)(ii) shall not apply. For purposes of the preceding sentence, the term modified adjusted gross income means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2020.