US Congress Senate Bill 1639 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on May 23 2019 - 25% progression, died in committee
Action: 2019-05-23 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Revises the tax treatment of partnership interests received in connection with the performance of services. It eliminates the concept of carried interest, a form of compensation received by certain partners in private equity, real estate, or hedge funds for investment management services. Under current law, such compensation can be deferred from taxation until income is realized by the partnership. The bill requires partners to recognize deemed compensation received from a partnership annually, taxed at ordinary income tax rates and subject to self-employment taxation. The bill eliminates a partner's ability to defer tax on such compensation.

Ending the Carried Interest Loophole Act

Sen. Ron Wyden [D-OR]

Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2019-05-23	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/1639/all-info
Text	https://www.congress.gov/116/bills/s1639/BILLS-116s1639is.pdf