3.0.0 2686 2024-11-25T19:42:39Z 2024-11-25T19:42:39Z House H HR 2023-04-18 118 <pre>[Congressional Record Volume 169, Number 64 (Tuesday, April 18, 2023)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. PASCRELL:H.R. 2686.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution.The single subject of this legislation is:Taxation.[Page H1847]</pre> hswm00 Ways and Means Committee House Standing Referred to 2023-04-18T14:03:40Z 118 4123 S 2024-04-15 Read twice and referred to the Committee on Finance. Related bill CRS 118 8201 HR 2024-05-01 Referred to the House Committee on Ways and Means. Related bill CRS 118 9985 HR 2024-10-11 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Judiciary, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS 118 5333 S 2024-11-18 Read twice and referred to the Committee on Finance. Related bill CRS 2023-04-18 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-04-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-04-18 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 2023-04-18 True P000618 Rep. Porter, Katie [D-CA-47] Katie Porter D CA 47 2023-04-18 True Taxation Taxation 2023-04-27T15:01:13Z

00 2023-04-18 Introduced in House 2023-06-29T20:22:38Z <p><strong>Ending Wall Street Tax Giveaway Act</strong></p> <p>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.)</p> <p>This bill includes provisions that </p> <ul> <li>set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services,</li> <li> 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, </li> <li> exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, </li> <li> exempt certain family partnerships from the application of this bill, </li> <li> increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and</li> <li> include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.</li> </ul> <p>The bill defines <i>investment services partnership interest</i> 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.</p>

Display Title 45 2024-07-24T15:22:38Z Short Title(s) as Introduced 101 2024-05-24T13:40:49Z Introduced in House IH Official Title as Introduced 6 2024-03-18T20:37:46Z Introduced in House IH Introduced in House 2023-04-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr2686ih/xml/BILLS-118hr2686ih.xml 2023-04-18 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.