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.
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
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.