Tax Law Updates | New Proposed Legislation
July 1, 2010
Senate Finance Committee Releases Report on Changes to Extenders Bill Substitute Amendment
American Jobs and Closing Tax Loopholes Act of 2010
Further Modifications and Additions to the Baucus Substitute Amendment - H.R. 4213, 6/23/2010
The Senate Finance Committee has issued a report on the revisions to the substitute amendment filed by Chair Max Baucus, D-Mont., to the American Jobs and Closing Tax Loopholes Act, H.R. 4213
The report basically states that:
Modification to Changes to the Taxation of Carried Interest – According to the Senate Finance Committee, the bill would prevent investment fund managers from paying taxes entirely at capital gains rates on investment management services income received as carried interest in an investment fund.
The Committee added that to the extent that carried interest reflects a return on invested capital, the bill would continue…
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