Ending the Carried Interest Loophole Act
Latest action · May 23, 2019 Read twice and referred to the Committee on Finance.
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.
- IntroducedMay 23, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Ending the Carried Interest Loophole Act
This bill revises the tax treatment of partnership interests received in connection with the performance of services. It eliminates the concept of carried interest, a form of compensation received by certain partners in private equity, real estate, or hedge funds for investment management services. Under current law, such compensation can be deferred from taxation until income is realized by the partnership.
The bill requires partners to recognize deemed compensation received from a partnership annually, taxed at ordinary income tax rates and subject to self-employment taxation. The bill eliminates a partner's ability to defer tax on such compensation.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 23, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-RI | Sheldon Whitehouse | Original | May 23, 2019 |
Actions 2
Everything that happened, newest first.
- May 23, 2019Introduced in Senate
- May 23, 2019Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 23, 2019Introduced in Senate
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.