Carried Interest Fairness Act of 2017

Summary

Carried Interest Fairness Act of 201 7 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.

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Timeline

1. 3 May 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 May 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 May 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 May 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 May 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 May 2017

  Open at official source

Sponsors

• Tammy Baldwin · D · Sponsor
• John Reed · D · Sponsor
• Timothy Kaine · D · Sponsor
• Sheldon Whitehouse · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Manchin, Joe, III [I-WV] · D · Sponsor
• Kirsten Gillibrand · D · Sponsor
• Elizabeth Warren · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Jeff Merkley · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Tammy Duckworth · D · Cosponsor
• Sen. Booker, Cory A. [D-NJ] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Carried Interest Fairness Act of 2019
• related to → Carried Interest Fairness Act of 2017
• related to ← Creating Tech Startup Jobs Act
• related to ← Carried Interest Fairness Act of 2015