[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9841 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 9841

 To amend the Internal Revenue Code of 1986 to modernize rules related 
        to publicly traded partnerships, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 22, 2026

  Mr. Carey introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to modernize rules related 
        to publicly traded partnerships, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Advancing Capital for Critical 
Energy Supply and Security Act'' or the ``ACCESS Act''.

SEC. 2. MODERNIZATION OF RULES RELATED TO PUBLICLY TRADED PARTNERSHIPS.

    (a) Exclusion of Certain Publicly Traded Classes of Units From 
Unrelated Business Taxable Income.--Section 512(b) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(20) Treatment of publicly traded classes of units of 
        publicly traded partnerships.--There shall be excluded any 
        income, gain, deduction, loss, or credit attributable to 
        publicly traded classes of units of a publicly traded 
        partnership (as defined in section 7704(b)) which is not 
        treated as a corporation under section 7704(c), provided that 
        the beneficial owner of such publicly traded classes of units 
        owns (or is considered as owning within the meaning of section 
        318) less than 5 percent of the capital or profits of such 
        publicly traded partnership.''.
    (b) Modification of 25 Percent Asset Test for Regulated Investment 
Companies.--Section 851(b)(3)(B) of such Code is amended--
            (1) in clause (i), by adding ``or'' at the end,
            (2) in clause (ii), by striking ``, or'' at the end and 
        inserting a period, and
            (3) by striking clause (iii).
    (c) Elimination of Separate Application of Passive Activity Rules 
in Case of Publicly Traded Partnerships.--Section 469 of such Code is 
amended by striking subsection (k) and by redesignating subsection (l) 
as subsection (k).
    (d) Certain Interests in Publicly Traded Partnerships Not Treated 
as Effectively Connected Income.--
            (1) In general.--Section 864(c)(8) of such Code is amended 
        by redesignating subparagraphs (C) through (E) as subparagraphs 
        (D) through (F), respectively, and by inserting after 
        subparagraph (B) the following new subparagraph:
                    ``(C) Exception for certain interests in publicly 
                traded partnerships.--Subparagraph (A) shall not apply 
                in the case of a partner's sale or exchange of a class 
                of partnership interest which is regularly traded on an 
                established securities exchange, but only if at all 
                times during the 5-year period ending on the date of 
                such sale or exchange, the partner held not more than 
                10 percent of such class.''.
            (2) Withholding requirements.--Section 1446(f)(1) of such 
        Code is amended by inserting ``, other than a class of 
        partnership interest which is regularly traded on an 
        established securities exchange,'' after ``interest in a 
        partnership''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2026.
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