S.1686 - Carried Interest Fairness Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Baldwin, Tammy [D-WI] (Introduced 06/25/2015)|
|Committees:||Senate - Finance|
|Latest Action:||06/25/2015 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1686 — 114th Congress (2015-2016)All Bill Information (Except Text)
Introduced in Senate (06/25/2015)
Carried Interest Fairness Act of 2015
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) exempt certain family partnerships from the application of this Act; (5) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (6) 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.