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Ending Wall Street Tax Giveaway Act

USA118th CongressHR-2686| House 
| Updated: 4/18/2023
Bill Pascrell

Bill Pascrell

Democratic Representative

New Jersey

Cosponsors (2)
Donald S. Beyer (Democratic)Katie Porter (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Ending Wall Street Tax Giveaway Act 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.
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Timeline
Apr 18, 2023
Introduced in House
Apr 18, 2023
Referred to the House Committee on Ways and Means.
  • April 18, 2023
    Introduced in House


  • April 18, 2023
    Referred to the House Committee on Ways and Means.

Taxation

Related Bills

  • S 118-5333: Stop Wall Street Looting Act
  • S 118-4123: Carried Interest Fairness Act of 2024
  • HR 118-9985: Stop Wall Street Looting Act
  • HR 118-8201: Small Business Tax Relief Act

Ending Wall Street Tax Giveaway Act

USA118th CongressHR-2686| House 
| Updated: 4/18/2023
Ending Wall Street Tax Giveaway Act 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.
View Full Text

Suggested Questions

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Timeline
Apr 18, 2023
Introduced in House
Apr 18, 2023
Referred to the House Committee on Ways and Means.
  • April 18, 2023
    Introduced in House


  • April 18, 2023
    Referred to the House Committee on Ways and Means.
Bill Pascrell

Bill Pascrell

Democratic Representative

New Jersey

Cosponsors (2)
Donald S. Beyer (Democratic)Katie Porter (Democratic)

Ways and Means Committee

Taxation

Related Bills

  • S 118-5333: Stop Wall Street Looting Act
  • S 118-4123: Carried Interest Fairness Act of 2024
  • HR 118-9985: Stop Wall Street Looting Act
  • HR 118-8201: Small Business Tax Relief Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted