3.0.0 1020 2023-01-11T13:36:31Z 2023-01-11T13:36:31Z Senate S 2017-05-03 115 ssfi00 Finance Committee Senate Standing Referred to 2017-05-03T15:42:12Z Carried Interest Fairness Act of 2017 115 2295 HR 2017-05-02 Referred to the House Committee on Ways and Means. Identical bill CRS Creating Tech Startup Jobs Act 115 5463 HR 2018-04-10 Referred to the House Committee on Ways and Means. Related bill CRS 2017-05-03 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-05-03 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2017-05-03 True K000384 Sen. Kaine, Tim [D-VA] Timothy Kaine D VA M. 2017-05-03 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-05-03 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2017-05-03 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2017-05-03 True M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV 2017-05-03 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-05-03 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2017-05-03 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-05-03 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2017-05-03 True H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. 2017-05-03 True D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2017-06-13 False B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2017-06-21 False Taxation Accounting and auditing Capital gains tax Financial services and investments Income tax rates Tax administration and collection, taxpayers Taxation 00 2017-05-03 Introduced in Senate 2017-06-20T16:01:24Z Carried Interest Fairness Act of 2017

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.

]]> Carried Interest Fairness Act of 2017 Display Title Carried Interest Fairness Act of 2017 Official Title as Introduced A bill 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 Senate IS Short Titles as Introduced Carried Interest Fairness Act of 2017 Introduced in Senate 2017-05-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1020is/xml/BILLS-115s1020is.xml 2017-05-03 Read twice and referred to the Committee on Finance. 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.