US Congress Senate Bill 1686 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 12-1)
Status: Introduced on June 25 2015 - 25% progression, died in committee
Action: 2015-06-25 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Carried Interest Fairness Act of 2015 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 Act; (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. 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 2015

Sen. Tammy Baldwin [D-WI]	Sen. Sheldon Whitehouse [D-RI]	Sen. Elizabeth Warren [D-MA]	Sen. Al Franken [D-MN]
Sen. Bernard Sanders [I-VT]	Sen. Jack Reed [D-RI]	Sen. Mazie Hirono [D-HI]	Sen. Joe Manchin [D-WV]
Sen. Richard Blumenthal [D-CT]	Sen. Dianne Feinstein [D-CA]	Sen. Edward Markey [D-MA]	Sen. Jeff Merkley [D-OR]
Sen. Tim Kaine [D-VA]

Date	Chamber	Action
2015-06-25	Senate	Read twice and referred to the Committee on Finance.

HB2889 (Same As) 2015-06-25 - Referred to the House Committee on Ways and Means.
HB3555 (Related) 2016-03-23 - Referred to the Subcommittee on Workforce Protections.
SB2677 (Related) 2016-03-15 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/1686/all-info
Text	https://www.congress.gov/114/bills/s1686/BILLS-114s1686is.pdf