3.0.0 4016 2019-11-15T21:46:48Z 2019-11-15T21:46:48Z House H HR 2012-02-14 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LEVIN:H.R. 4016.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1The Congress shall have Power to lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defence and general Welfare of the United States;but all Duties, Imposts and Excises shall be uniformthroughout the United States.Sixteenth AmendmentThe Congress shall have power to lay and collect taxes onincomes, from whatever source derived, without apportionmentamong the several States, and without regard to any census orenumeration.[Page H726]]]> hswm00 Ways and Means Committee House Standing Referred to 2012-02-14T17:00:44Z American Jobs Act of 2011 112 12 HR 2011-10-21 Referred to the Subcommittee on Insurance, Housing and Community Opportunity. Related bill CRS Rebuild America Act 112 5727 HR 2012-06-04 Referred to the Subcommittee on Crime, Terrorism, and Homeland Security. Related bill CRS American Jobs Act of 2011 112 1549 S 2011-09-14 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 165. Related bill CRS Rebuild America Act 112 2252 S 2012-03-29 Read twice and referred to the Committee on Finance. Related bill CRS 2012-02-14 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-02-14 Sponsor introductory remarks on measure. (CR E187) IntroReferral B00100 9 Library of Congress 2012-02-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-02-14 Introduced in House IntroReferral 1000 9 Library of Congress L000263 Rep. Levin, Sander M. [D-MI-12] SANDER LEVIN D MI M. 12 N R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 2012-02-14 True Taxation Capital gains tax Financial services and investments Income tax rates Taxation 00 2012-02-14 Introduced in House 2012-05-02T18:51:03Z 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.

]]> Carried Interest Fairness Act of 2012 Short Titles as Introduced Carried Interest Fairness Act of 2012 Display Title Carried Interest Fairness Act of 2012 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. Introduced in House 2012-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4016ih/xml/BILLS-112hr4016ih.xml 2012-02-14 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.