Sponsor: Rep. Perez, Marie Gluesenkamp (D-WA)2 cosponsorsIntroduced Feb 6, 2025
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In plain English
Rep. Marie Gluesenkamp Perez (D-WA) sponsored this bill that taxes carried interest—the share of profits that general partners in private equity firms and hedge funds receive—as ordinary income instead of capital gains, subjecting it to higher tax rates. The bill also applies self-employment taxes to carried interest income, treats money or property received from selling carried interest as ordinary income, and requires partners to recognize ordinary gain when a partnership distributes carried interest in exchange for other partnership property. Two Democrats cosponsored the bill, which was referred to the House Committee on Ways and Means on February 6, 2025.
What’s in the bill (2 sections)
Sec. 2. Partnership interests transferred in connection with
Sec. 3. Special rules for partners providing investment management
Note: the official CRS summary for this bill was written on 2025-02-06, but the bill text was revised on 2025-02-06T05:00:00Z. Provisions may have been added since the summary was written — the section list above reflects the current text.
Where it is in the process
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Introduced
Feb 6
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House committee
Feb 6
3
House floor
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4
Senate
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5
Signed
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What happens next: Sits in committee. Needs a markup or favorable report to advance to the House floor.
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