US Congress House Bill 4016 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 14 2012 - 25% progression, died in committee
Action: 2012-02-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Carried Interest Fairness Act of 2012 - 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) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (5) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes. 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.

Carried Interest Fairness Act of 2012

Rep. Sander Levin [D-MI]

Rep. Charles Rangel [D-NY]

Date	Chamber	Action
2012-02-14	House	Referred to the House Committee on Ways and Means.
2012-02-14	House	Sponsor introductory remarks on measure. (CR E187)

HB12 (Related) 2011-10-21 - Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
SB1549 (Related) 2011-09-14 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 165.
SB2252 (Related) 2012-03-29 - Read twice and referred to the Committee on Finance.
HB5727 (Related) 2012-06-04 - Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/4016/all-info
Text	https://www.congress.gov/112/bills/hr4016/BILLS-112hr4016ih.pdf