US SB781 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 15-0)
Status: Introduced on March 13 2019 - 25% progression, died in committee
Action: 2019-03-13 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Modifies the tax treatment of carried interest, which is compensation that is typically received by a partner of a private equity or hedge fund and is based on a share of the fund's profits. (Under current law, carried interest is taxed as investment income rather than at ordinary income tax rates.) includes provisions that set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, exempt certain family partnerships from the application of this bill, increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. The bill defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

Tracking Information

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Title

Carried Interest Fairness Act of 2019

Sponsors


History

DateChamberAction
2019-03-13SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB1735 (Related) 2019-03-13 - Referred to the House Committee on Ways and Means.
HB3848 (Related) 2019-08-12 - Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
SB2155 (Related) 2019-07-17 - Read twice and referred to the Committee on Finance.
HB4321 (Related) 2019-09-13 - Referred to the Subcommittee on Environment and Climate Change.

Subjects


US Congress State Sources


Bill Comments

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