Carried Interest Fairness Act of 2012

Summary

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.

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Timeline

1. 14 February 2012

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 14 February 2012

   Introduced

   Sponsor introductory remarks on measure. (CR E187)

   Source: IntroReferral

3. 14 February 2012

   Introduced

   Introduced in House

   Source: IntroReferral

4. 14 February 2012

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 February 2012 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 February 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 February 2012

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 February 2012

  Open at official source

Sponsors

• SANDER LEVIN · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → American Jobs Act of 2011
• related to ← Rebuild America Act
• related to ← American Jobs Act of 2011
• related to ← Rebuild America Act