S. 1624 (110th): A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services.

Introduced:
Jun 14, 2007 (110th Congress, 2007–2009)
Sponsor:
Sen. Max Baucus [D-MT]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on June 14, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 14, 2007
Referred to Committee Jun 14, 2007
Cosponsors
4 cosponsors (3D, 1R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated Jun 14, 2007.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

6/14/2007--Introduced.
Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services.

House Republican Conference Summary

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House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)