S. 1937 (111th): A bill to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of operating losses, and for other purposes.

Introduced:
Oct 27, 2009 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Samuel “Sam” Brownback
Senator from Kansas
Party
Republican
Text
Read Text »
Last Updated
Oct 27, 2009
Length
8 pages
Related Bills
H.R. 4013 (identical)

Referred to Committee
Last Action: Nov 03, 2009

S. 1835 (identical)

Referred to Committee
Last Action: Oct 22, 2009

 
Status

This bill was introduced on October 27, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 27, 2009
Referred to Committee Oct 27, 2009
 
Summary

No summaries available.

Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


10/27/2009--Introduced.
Amends the Internal Revenue Code to allow a five-year carryback of net operating losses, including the operating losses of life insurance companies, incurred in 2008 and 2009.
Denies such extended loss carryover period to: (1) taxpayers in whom the federal government acquires an equity interest under the Emergency Economic Stabilization Act of 2008; (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (3) members of certain affiliated groups.
Directs the Secretary of the Treasury to make transfers to the general fund to cover reductions in revenues resulting from this Act.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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