H.R. 4016 (112th): Carried Interest Fairness Act of 2012

Introduced:
Feb 14, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Sander Levin [D-MI12]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on February 14, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 14, 2012
Referred to Committee Feb 14, 2012
Cosponsors
1 cosponsors (1D) (show)
Committees

House Ways and Means

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

Full Title

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

Summary

No summaries available.

Text

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Last updated Feb 14, 2012.
38 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.

2/14/2012--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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