3.0.0 1735 2022-11-01T17:47:13Z 2022-11-01T17:47:13Z House HR 2019-03-13 116 [Congressional Record Volume 165, Number 45 (Wednesday, March 13, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PASCRELL:H.R. 1735.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the United StatesConstitution.[Page H2718]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-03-13T14:06:00Z Stop Wall Street Looting Act 116 3848 HR 2019-08-12 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. Related bill CRS GET THE LEAD OUT Act of 2019 116 4321 HR 2019-09-13 Referred to the Subcommittee on Environment and Climate Change. Related bill CRS Carried Interest Fairness Act of 2019 116 781 S 2019-03-13 Read twice and referred to the Committee on Finance. Related bill CRS Stop Wall Street Looting Act 116 2155 S 2019-07-17 Read twice and referred to the Committee on Finance. Related bill CRS 2019-03-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-03-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-03-13 Introduced in House IntroReferral 1000 9 Library of Congress P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 N B001292 Rep. Beyer, Donald S., Jr. [D-VA-8] Donald Beyer D VA S. 8 2019-03-13 True D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2019-03-13 True G000551 Rep. Grijalva, Raúl M. [D-AZ-3] Raúl Grijalva D AZ M. 3 2019-03-13 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2019-03-13 True S001201 Rep. Suozzi, Thomas R. [D-NY-3] Thomas Suozzi D NY R. 3 2019-03-13 True L000551 Rep. Lee, Barbara [D-CA-13] BARBARA LEE D CA 13 2019-03-13 True R000577 Rep. Ryan, Tim [D-OH-13] TIM RYAN D OH 13 2019-03-13 True O000172 Rep. Ocasio-Cortez, Alexandria [D-NY-14] Alexandria Ocasio-Cortez D NY 14 2019-03-13 True C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2019-03-13 True P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2019-03-13 True G000559 Rep. Garamendi, John [D-CA-3] John Garamendi D CA 3 2019-03-13 True N000002 Rep. Nadler, Jerrold [D-NY-10] JERROLD NADLER D NY 10 2019-03-13 True H001038 Rep. Higgins, Brian [D-NY-26] Brian Higgins D NY 26 2019-03-13 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2019-03-13 True P000034 Rep. Pallone, Frank, Jr. [D-NJ-6] FRANK PALLONE D NJ 6 2019-03-13 True M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2019-03-13 True 2019-03-27 G000571 Rep. Gabbard, Tulsi [D-HI-2] Tulsi Gabbard D HI 2 2019-03-13 True C001069 Rep. Courtney, Joe [D-CT-2] Joe Courtney D CT 2 2019-03-13 True D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2019-03-13 True L000579 Rep. Lowenthal, Alan S. [D-CA-47] Alan Lowenthal D CA S. 47 2019-03-18 False W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2019-03-18 False R000613 Rep. Rose, Max [D-NY-11] Max Rose D NY 11 2019-03-25 False L000592 Rep. Levin, Andy [D-MI-9] Andy Levin D MI 9 2019-03-25 False K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2019-03-27 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2019-03-28 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2019-03-28 False G000586 Rep. Garcia, Jesus G. "Chuy" [D-IL-4] Jesus Garcia D IL G. 4 2019-04-08 False C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2019-04-08 False C001080 Rep. Chu, Judy [D-CA-27] Judy Chu D CA 27 2019-04-29 False T000483 Rep. Trone, David J. [D-MD-6] David Trone D MD J. 6 2019-06-26 False W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 2019-07-25 False T000472 Rep. Takano, Mark [D-CA-41] Mark Takano D CA 41 2019-07-25 False E000179 Rep. Engel, Eliot L. [D-NY-16] ELIOT ENGEL D NY L. 16 2020-01-16 False P000523 Rep. Price, David E. [D-NC-4] DAVID PRICE D NC E. 4 2020-01-21 False S001168 Rep. Sarbanes, John P. [D-MD-3] John Sarbanes D MD P. 3 2020-02-25 False M001188 Rep. Meng, Grace [D-NY-6] Grace Meng D NY 6 2020-03-03 False K000379 Rep. Kennedy, Joseph P., III [D-MA-4] Joseph Kennedy D MA P. 4 2020-07-21 False Taxation Accounting and auditing Capital gains tax Financial services and investments Income tax rates Tax administration and collection, taxpayers Taxation 00 2019-03-13 Introduced in House 2020-01-27T19:49:18Z Carried Interest Fairness Act of 2019

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.

]]> Carried Interest Fairness Act of 2019 Display Title Carried Interest Fairness Act of 2019 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 IH Short Title(s) as Introduced Carried Interest Fairness Act of 2019 Introduced in House IH Introduced in House 2019-03-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr1735ih/xml/BILLS-116hr1735ih.xml 2019-03-13 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.