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     &lt;p&gt;&lt;strong&gt;Carried Interest Fairness Act of 2021&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;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.)&lt;/p&gt; &lt;p&gt;This bill includes provisions that &lt;/p&gt; &lt;ul&gt; &lt;li&gt;set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services,&lt;/li&gt; &lt;li&gt; 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, &lt;/li&gt; &lt;li&gt; exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, &lt;/li&gt; &lt;li&gt; exempt certain family partnerships from the application of this bill, &lt;/li&gt; &lt;li&gt; increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and&lt;/li&gt; &lt;li&gt; include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;The bill defines &lt;i&gt;investment services partnership interest&lt;/i&gt; 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.&lt;/p&gt;
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H11100
2021-02-15
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-02-15
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-02-15
9
Library of Congress
Introduced in House
IntroReferral
2021-02-15T14:31:35Z
Referred to
House
Ways and Means Committee
hswm00
Standing
L000592
9
Andy
Rep. Levin, Andy [D-MI-9]
Levin
D
2021-02-15
MI
P000618
45
Katie
Rep. Porter, Katie [D-CA-45]
Porter
D
2021-02-15
CA
B001292
8
Donald
Rep. Beyer, Donald S., Jr. [D-VA-8]
Beyer
S.
D
2021-02-15
VA
S001201
3
Thomas
Rep. Suozzi, Thomas R. [D-NY-3]
Suozzi
R.
D
2021-02-15
NY
B000574
3
EARL
Rep. Blumenauer, Earl [D-OR-3]
BLUMENAUER
D
2021-02-15
OR
C001080
27
Judy
Rep. Chu, Judy [D-CA-27]
Chu
D
2021-03-03
CA
D000096
7
DANNY
Rep. Davis, Danny K. [D-IL-7]
DAVIS
K.
D
2021-03-03
IL
C001068
9
Steve
Rep. Cohen, Steve [D-TN-9]
Cohen
D
2021-05-14
TN
H001038
26
Brian
Rep. Higgins, Brian [D-NY-26]
Higgins
D
2021-07-02
NY
W000822
12
Bonnie
Rep. Watson Coleman, Bonnie [D-NJ-12]
Watson Coleman
D
2021-07-09
NJ
R000606
8
Jamie
Rep. Raskin, Jamie [D-MD-8]
Raskin
D
2021-07-09
MD
G000551
3
Raúl
Rep. Grijalva, Raúl M. [D-AZ-3]
Grijalva
M.
D
2021-08-06
AZ
T000483
6
David
Rep. Trone, David J. [D-MD-6]
Trone
J.
D
2021-08-10
MD
D000191
4
PETER
Rep. DeFazio, Peter A. [D-OR-4]
DEFAZIO
A.
D
2021-11-12
OR
P000607
2
Mark
Rep. Pocan, Mark [D-WI-2]
Pocan
D
2022-04-25
WI
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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2021-02-15
2021-02-15
Referred to the House Committee on Ways and Means.
House
Taxation
2021-02-26
Referred to the Subcommittee on Environment and Climate Change.
CRS
Related bill
GET THE LEAD OUT Act of 2021
HR
2021-05-12
Read twice and referred to the Committee on Finance.
CRS
Related bill
Carried Interest Fairness Act of 2021
S
2022-11-01
Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
CRS
Related bill
Stop Wall Street Looting Act
HR
2022-09-08
Committee on Banking, Housing, and Urban Affairs. Hearings held.
CRS
Related bill
Stop Wall Street Looting Act
S
2022-02-18
Referred to the House Committee on Ways and Means.
CRS
Related bill
Small Business Tax Relief Act
HR
P000096
9
WILLIAM
Rep. Pascrell, Bill, Jr. [D-NJ-9]
N
PASCRELL
J.
D
NJ
Accounting and auditing Capital gains tax Financial services and investments Income tax rates Tax administration and collection, taxpayers
2021-02-15
Introduced in House
 <p><strong>Carried Interest Fairness Act of 2021</strong></p> <p>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.)</p> <p>This bill includes provisions that </p> <ul> <li>set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services,</li> <li> 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, </li> <li> exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, </li> <li> exempt certain family partnerships from the application of this bill, </li> <li> increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and</li> <li> include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.</li> </ul> <p>The bill defines <i>investment services partnership interest</i> 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.</p>
2021-04-14T15:39:55Z
00
2021-02-15T05:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr1068ih/xml/BILLS-117hr1068ih.xml
Carried Interest Fairness Act of 2021
Carried Interest Fairness Act of 2021
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
Official Title as Introduced
IH
Introduced in House
Carried Interest Fairness Act of 2021
Short Title(s) as Introduced
HR
2023-01-11T13:47:23Z
2023-01-11T13:47:23Z
3.0.0
2021-02-26
Referred to the Subcommittee on Environment and Climate Change.
CRS
Related bill
GET THE LEAD OUT Act of 2021
HR
2021-05-12
Read twice and referred to the Committee on Finance.
CRS
Related bill
Carried Interest Fairness Act of 2021
S
2022-11-01
Referred to the Subcommittee on the Constitution, Civil Rights, and Civil Liberties.
CRS
Related bill
Stop Wall Street Looting Act
HR
2022-09-08
Committee on Banking, Housing, and Urban Affairs. Hearings held.
CRS
Related bill
Stop Wall Street Looting Act
S
2022-02-18
Referred to the House Committee on Ways and Means.
CRS
Related bill
Small Business Tax Relief Act
HR
H11100
2021-02-15
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-02-15
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-02-15
9
Library of Congress
Introduced in House
IntroReferral
P000096
9
WILLIAM
Rep. Pascrell, Bill, Jr. [D-NJ-9]
N
PASCRELL
J.
D
NJ
L000592
9
Andy
Rep. Levin, Andy [D-MI-9]
Levin
D
2021-02-15
MI
P000618
45
Katie
Rep. Porter, Katie [D-CA-45]
Porter
D
2021-02-15
CA
B001292
8
Donald
Rep. Beyer, Donald S., Jr. [D-VA-8]
Beyer
S.
D
2021-02-15
VA
S001201
3
Thomas
Rep. Suozzi, Thomas R. [D-NY-3]
Suozzi
R.
D
2021-02-15
NY
B000574
3
EARL
Rep. Blumenauer, Earl [D-OR-3]
BLUMENAUER
D
2021-02-15
OR
C001080
27
Judy
Rep. Chu, Judy [D-CA-27]
Chu
D
2021-03-03
CA
D000096
7
DANNY
Rep. Davis, Danny K. [D-IL-7]
DAVIS
K.
D
2021-03-03
IL
C001068
9
Steve
Rep. Cohen, Steve [D-TN-9]
Cohen
D
2021-05-14
TN
H001038
26
Brian
Rep. Higgins, Brian [D-NY-26]
Higgins
D
2021-07-02
NY
W000822
12
Bonnie
Rep. Watson Coleman, Bonnie [D-NJ-12]
Watson Coleman
D
2021-07-09
NJ
R000606
8
Jamie
Rep. Raskin, Jamie [D-MD-8]
Raskin
D
2021-07-09
MD
G000551
3
Raúl
Rep. Grijalva, Raúl M. [D-AZ-3]
Grijalva
M.
D
2021-08-06
AZ
T000483
6
David
Rep. Trone, David J. [D-MD-6]
Trone
J.
D
2021-08-10
MD
D000191
4
PETER
Rep. DeFazio, Peter A. [D-OR-4]
DEFAZIO
A.
D
2021-11-12
OR
P000607
2
Mark
Rep. Pocan, Mark [D-WI-2]
Pocan
D
2022-04-25
WI
Accounting and auditing Capital gains tax Financial services and investments Income tax rates Tax administration and collection, taxpayers
2021-02-15
Introduced in House
 <p><strong>Carried Interest Fairness Act of 2021</strong></p> <p>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.)</p> <p>This bill includes provisions that </p> <ul> <li>set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services,</li> <li> 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, </li> <li> exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, </li> <li> exempt certain family partnerships from the application of this bill, </li> <li> increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and</li> <li> include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.</li> </ul> <p>The bill defines <i>investment services partnership interest</i> 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.</p>
2021-04-14T15:39:55Z
00
Carried Interest Fairness Act of 2021
Carried Interest Fairness Act of 2021
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
Official Title as Introduced
IH
Introduced in House
Carried Interest Fairness Act of 2021
Short Title(s) as Introduced
2021-02-15
Referred to the House Committee on Ways and Means.