US HB2295 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 41-0)
Status: Introduced on May 2 2017 - 25% progression, died in committee
Action: 2017-05-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 2 2017 - 25% progression, died in committee
Action: 2017-05-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Carried Interest Fairness Act of 2017 This bill amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) 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, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) exempt certain family partnerships from the application of this bill; (5) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (6) 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.
Title
Carried Interest Fairness Act of 2017
Sponsors
History
Date | Chamber | Action |
---|---|---|
2017-05-02 | House | Referred to the House Committee on Ways and Means. |
2017-05-02 | House | Introduced in House |
Same As/Similar To
SB1020 (Same As) 2017-05-03 - Read twice and referred to the Committee on Finance.
HB5463 (Related) 2018-04-10 - Referred to the House Committee on Ways and Means.
HB5463 (Related) 2018-04-10 - Referred to the House Committee on Ways and Means.
Subjects
Accounting and auditing
Capital gains tax
Financial services and investments
Income tax rates
Tax administration and collection, taxpayers
Taxation
Capital gains tax
Financial services and investments
Income tax rates
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/2295/all-info |
Text | https://www.congress.gov/115/bills/hr2295/BILLS-115hr2295ih.pdf |