H.R.4016 - Carried Interest Fairness Act of 2012

To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. as introduced.
  • Short: Carried Interest Fairness Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/14/12
 
 
 
 
 
 
 

Official Summary

Carried Interest Fairness Act of 2012 - 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

Official Summary

Carried Interest Fairness Act of 2012 - 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) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and
(5) 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.

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Organizations Supporting H.R.4016

  • None via MapLight at this time.

Organizations Opposing H.R.4016

  • International Council of Shopping Centers
  • Building Owners and Managers Association of California
  • Certified Commercial Investment Member Institute
  • Institute of Real Estate Management
  • National Apartment Association
  • National Multi Housing Coalition
  • ...and 1 more. See all.


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