S. 3317 · 118th Congress
Ending the Carried Interest Loophole Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor10 cosponsors · 8 D, 2 I
D
Fetterman
MH
D
Hirono
AK
I
King
EM
D
Markey
JR
D
Reed
BS
I
Sanders
BS
D
Schatz
SW
D
Whitehouse
EW
D
Warren
TS
D
Smith9 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Nov 15, 2023
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ending the Carried Interest Loophole Act
Latest action (Nov 15, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Nov 15, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.