1. Short title This Act may be cited as the CARES Windfall for the Wealthiest Repeal Act . 2. Limitation on excess business losses of non-corporate taxpayers restored and made permanent (a) In general Section 461(l)(1) of the Internal Revenue Code of 1986 is amended to read as follows: (1) Limitation In the case of taxable year of a taxpayer other than a corporation beginning after December 31, 2017, any excess business loss of the taxpayer for the taxable year shall not be allowed. . (b) Conforming amendment Section 461 of such Code is amended by striking subsection (j). (c) Effective date The amendments made by this section shall take effect as if included in section 2304(a) of the Coronavirus Aid, Relief, and Economic Security Act. 3. Certain taxpayers allowed 2 -year carryback of net operating losses arising in certain periods (a) Two-Year carryback of losses arising in certain periods (1) In general Section 172(b)(1)(D)(i) of the Internal Revenue Code of 1986 is amended— (A) by striking arising in a taxable year beginning after December 31, 2017, and ending before January 1, 2021 and inserting arising in the first taxable year beginning after August 31, 2019 , and (B) by striking 5 taxable years in subclause (I) and inserting 2 taxable years . (2) Conforming amendments (A) The heading for section 172(b)(1)(D) of such Code is amended by striking 2018, 2019, and 2020 and inserting certain periods . (B) Section 172(b)(1)(D)(v) of such Code is amended— (i) by striking subclause (II), and (ii) by striking Special rules and all that follows through If the 5-year carryback period and inserting the following: Special rule for election under paragraph (3) to exclude section 965 years.— If the 2-year carryback period . (b) Carryback only allowed for small businesses (1) In general Section 172(b)(1)(D)(i) of such Code is amended by striking net operating loss arising and inserting net operating loss of an eligible small business arising . (2) Eligible small business Section 172(b)(1)(D) of such Code is amended by