Carried Interest Fairness Act of 2019

Summary

Carried Interest Fairness Act of 201 9 This bill modifies the tax treatment of carried interest, which is compensation that is typically received by a partner of a private equity or hedge fund and is based on a share of the fund's profits. (Under current law, carried interest is taxed as investment income rather than at ordinary income tax rates.) This bill includes provisions that set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, 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, exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, exempt certain family partnerships from the application of this bill, increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 13 March 2019

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 March 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 March 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 March 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 March 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 13 March 2019

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Baldwin, Tammy [D-WI] · D · Sponsor
• Sen. Warren, Elizabeth [D-MA] · D · Sponsor
• Sen. Merkley, Jeff [D-OR] · D · Sponsor
• Sen. Duckworth, Tammy [D-IL] · D · Sponsor
• Sen. Kaine, Tim [D-VA] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Blumenthal, Richard [D-CT] · D · Sponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Sponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Carried Interest Fairness Act of 2021
• related to ← Carried Interest Fairness Act of 2019
• related to ← Stop Wall Street Looting Act
• related to ← Stop Wall Street Looting Act
• related to ← GET THE LEAD OUT Act of 2019
• related to ← Carried Interest Fairness Act of 2017