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S 1639 116th Congress Senate Taxation Capital gains tax Commodities markets Financial services and investments Income tax deferral Income tax rates Securities Tax administration and collection, taxpayers

Ending the Carried Interest Loophole Act

Introduced: May 23, 2019 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2019
Read twice and referred to the Committee on Finance.
May 23, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Ending the Carried Interest Loophole Act

This bill 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.

What's happening now May 23, 2019

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1