118th Congress Taxation
S. 3317: Ending the Carried Interest Loophole Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill revises the tax treatment of partnership interests received in connection with the performance of services. It eliminates the concept of carried interest, a form of compensation received by certain partners in private equity, real estate, or hedge funds for investment management services. Under current law, such compensation can be deferred from taxation until income is realized by the partnership.
The bill requires partners to recognize deemed compensation received from a partnership annually, taxed at ordinary income tax rates and subject to self-employment taxation. The bill eliminates a partner's ability to defer tax on such compensation.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Fetterman D-PAOriginal
- Mazie Hirono D-HIOriginal
- Angus King I-MEOriginal
- Edward Markey D-MAOriginal
- John Reed D-RIOriginal
- Bernard Sanders I-VTOriginal
- Brian Schatz D-HIOriginal
- Sheldon Whitehouse D-RIOriginal
- Elizabeth Warren D-MAOriginal
- Tina Smith D-MN
Who scored on this bill
- 1Ron Wyden SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Ron Wyden
- S. 2015: National Prescribed Fire Act of 2025
- S.J.Res. 198: Disapproval of Centers for Medicare & Medicaid Services of the Department of Health and Human Services rule: Medicare Program; Implementation of Prior Authorization for Select Services for the Wasteful and Inappropriate Services Reduction (WISeR) Model
- S.J.Res. 192: Disapproval of Centers for Medicare & Medicaid Services of the Department of Health and Human Services rule: Medicare Program; Implementation of Prior Authorization for Select Services for the Wasteful and Inappropriate Services Reduction (WISeR) Model
- S.J.Res. 145: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Fair Credit Reporting; Permissible Purposes for Furnishing, Using, and Obtaining Consumer Reports
- S.J.Res. 95: Disapproval of Internal Revenue Service rule: Interim Guidance Simplifying Application of the Corporate Alternative Minimum Tax to Partnerships
- S.J.Res. 88: Terminating the national emergency declared to impose global tariffs
History
- Introduced in the Senate by Ron Wyden.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.