Carried Interest Fairness Act of 2015
Latest action · Jun 25, 2015 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 25, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Carried Interest Fairness Act of 2015
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 Act; (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.
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.
Cosponsors 58
Members who signed on, in the order they did. Signatures ran from Jun 25, 2015 to Dec 16, 2016; 4 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles B. Rangel | Original | Jun 25, 2015 |
| D-MD | Chris Van Hollen | Original | Jun 25, 2015 |
| D-WA | Jim McDermott | Original | Jun 25, 2015 |
| D-MN | Keith Ellison | Original | Jun 25, 2015 |
| D-NJ | Bill Pascrell, Jr. | Oct 1, 2015 | |
| D-DC | Eleanor Holmes Norton | Apr 20, 2016 | |
| D-MD | Elijah E. Cummings | Apr 20, 2016 | |
| D-FL | Alan Grayson | May 11, 2016 | |
| D-CA | Alan S. Lowenthal | May 11, 2016 | |
| D-VA | Donald S. Beyer, Jr. | May 11, 2016 | |
| D-IL | Janice D. Schakowsky | May 11, 2016 | |
| D-CA | John Garamendi | May 11, 2016 | |
| D-MD | John P. Sarbanes | May 11, 2016 | |
| D-WI | Mark Pocan | May 11, 2016 | |
| D-CT | Rosa L. DeLauro | May 11, 2016 | |
| D-NJ | Bonnie Watson Coleman | May 25, 2016 | |
| D-NY | Brian Higgins | May 25, 2016 | |
| D-MI | John Conyers, Jr. | May 25, 2016 | |
| D-IL | Luis V. Gutierrez | May 25, 2016 | |
| D-NY | Nydia M. Velázquez | May 25, 2016 | |
| D-OR | Peter A. DeFazio | May 25, 2016 | |
| D-AZ | Ann Kirkpatrick | Jun 3, 2016 | |
| D-CA | Grace F. Napolitano | Jun 3, 2016 | |
| D-IL | Tammy Duckworth | Jun 3, 2016 | |
| D-CA | Mark Takano | Jun 8, 2016 | |
| D-NY | Paul Tonko | Jun 8, 2016 | |
| D-FL | Alcee L. Hastings | Jul 6, 2016 | |
| D-NJ | Frank Pallone, Jr. | Jul 6, 2016 | |
| D-NY | Jose E. Serrano | Jul 6, 2016 | |
| D-NY | Louise McIntosh Slaughter | Jul 6, 2016 | |
| D-CA | Lucille Roybal-Allard | Jul 6, 2016 | |
| D-OH | Marcy Kaptur | Jul 6, 2016 | |
| D-CA | Mark DeSaulnier | Jul 6, 2016 | |
| D-VA | Robert C. "Bobby" Scott | Jul 6, 2016 | |
| D-OR | Earl Blumenauer | Jul 13, 2016 | |
| D-VT | Peter Welch | Jul 13, 2016 | |
| D-WI | Gwen Moore | Sep 8, 2016 | |
| D-NY | Hakeem S. Jeffries | Sep 8, 2016 | |
| D-NY | Jerrold Nadler | Sep 8, 2016 | |
| D-CT | Joe Courtney | Sep 8, 2016 | |
| D-NY | Sean Patrick Maloney | Sep 8, 2016 | |
| D-OH | Tim Ryan | Sep 8, 2016 | |
| D-CA | Barbara Lee | Sep 20, 2016 | |
| D-MN | Betty McCollum | Sep 22, 2016 | |
| D-AZ | Raúl M. Grijalva | Sep 22, 2016 | |
| D-AZ | Ruben Gallego | Sep 22, 2016 | |
| D-RI | David N. Cicilline | Sep 27, 2016 | |
| D-FL | Frederica S. Wilson | Sep 27, 2016 | |
| D-RI | James R. Langevin | Sep 27, 2016 | |
| D-NC | Alma S. Adams | Nov 17, 2016 | |
| D-FL | Corrine Brown | Nov 17, 2016 | |
| D-NC | David E. Price | Nov 17, 2016 | |
| D-MA | James P. McGovern | Nov 17, 2016 | |
| D-TX | Sheila Jackson Lee | Nov 17, 2016 | |
| D-TN | Steve Cohen | Nov 17, 2016 | |
| D-HI | Tulsi Gabbard | Nov 17, 2016 | |
| D-CA | Zoe Lofgren | Nov 17, 2016 | |
| D-PA | Robert A. Brady | Dec 16, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jun 25, 2015 |
Actions 2
Everything that happened, newest first.
- Jun 25, 2015Introduced in House
- Jun 25, 2015Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 103, June 25, 2015, page H4772.
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1686 | Carried Interest Fairness Act of 2015 | Identical bill | Jun 25, 2015 |
| HR 2295 | Carried Interest Fairness Act of 2017 | Reintroduced Bill | May 2, 2017 |
| S 2677 | In the Red Act of 2016 | Related bill | Mar 15, 2016 |
| HR 3555 | Jobs! Jobs! Jobs! Act of 2015 | Related bill | Mar 23, 2016 |
| HR 5106 | In the Red Act of 2016 | Related bill | Sep 19, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- 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.
- Short Titles as Introduced
- Carried Interest Fairness Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 25, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
