To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services.

6/22/2007--Introduced.
Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. 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 as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts);
(2) advising the partnership about investing in, purchasing, or selling specified assets;
(3) managing, acquiring, or disposing of specified assets; or
(4) arranging financing with respect to acquiring specified assets.


... morehide bill summary

Sponsor

• Rep. Sander Levin [D, MI-12]
• and 26 Co-Sponsors
  • Rep. Neil Abercrombie [D, HI-1]
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. John Conyers [D, MI-14]
  • Rep. Peter DeFazio [D, OR-4]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Barney Frank [D, MA-4]
  • Rep. Luis Gutiérrez [D, IL-4]
  • Stephanie Jones
  • Rep. Ronald Kind [D, WI-3]
  • Rep. Dennis Kucinich [D, OH-10]
  • Rep. John Larson [D, CT-1]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. John Lewis [D, GA-5]
  • Rep. James McDermott [D, WA-7]
  • Rep. Grace Napolitano [D, CA-38]
  • Rep. Richard Neal [D, MA-2]
  • Rep. Eleanor Norton [D, DC-0]
  • Rep. William Pascrell [D, NJ-8]
  • Rep. Earl Pomeroy [D, ND-0]
  • Rep. Charles Rangel [D, NY-15]
  • Rep. Linda Sánchez [D, CA-39]
  • Rep. John Sarbanes [D, MD-3]
  • Rep. Brad Sherman [D, CA-27]
  • Rep. Louise Slaughter [D, NY-28]
  • Rep. Fortney Stark [D, CA-13]
  • Rep. Peter Welch [D, VT-0]
  close

Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.2834

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 22, 2007

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All Bill Actions

• Introduced on Jun 22, 2007.
• Jun 22, 2007: Referred to the House Committee on Ways and Means.

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Related Bills:

• H.R.2785
• S.1624

Related Issue Areas:

• Taxation
• Finance
• Income tax
• Investment advisers
• 3 more
• Investment banking
• Partnerships
• Tax rates

Data from the Congressional Research Service

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In the News

September 17, 2007 Rangel Hunting for $1 Trillion in Tax Offsets

A recent hearing highlighted private equity managers, and Rangel’s package could include a measure ( HR 2834 ) that would tax more of their pay as ordinary ...

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Source: Congressional Quarterly, DC

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September 17, 2007 Tax Update: Tax Code Simplification, Eliminating AMT and Middle ...

A recent hearing highlighted private equity managers, and the House tax package could include a measure, HR 2834, that would tax more of their pay as ...

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Source: Helicopter Association International, VA

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September 14, 2007 Private Equity: Time is of the Essence

Meanwhile HR 2834, introduced by Sander Levin (D-Michigan), is even more onerously inclusive; it would increase the rate to 35% for all firms in the private ...

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Source: American Enterprise Institute, DC

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Blog Coverage

December 30, 2008 argyabusador: queen of mean plus another news from the lousy ...

Congressional analysts haven’t yet released an official estimate on how much tax revenue the Levin proposal, H.R. 2834, would raise. But one academic, the University of Pennsylvania’s Michael Knoll, has just calculated that the ...

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Source: argyabusador

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August 25, 2008 Paul Weyrich :: Townhall.com :: H.R. 2834 - Proposed Tax Increase?

TITLE: Columns by HR 2834 - Proposed Tax Increase? , AUTHOR: Paul Weyrich, CATEGORY: Editorial Column by Paul Weyrich on Townhall.com, GENRE: Editorial Columns, HOST: www.townhall.com, BIO: Paul M. Weyrich is Chairman and CEO of the ...

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July 28, 2008 K.K.R. Digs Deeper to Keep Tabs on Washington - Mergers ...

The first bill in the House of Representatives, H.R. 2834, would force buyout shops to pay ordinary income tax rates on profits from their investments, instead of the lower capital-gains tax of 15 percent. The “carry,” as it is also ...

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Source: DealBook

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