S. 1624 — A bill to amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services.

Summary

Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services.

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Related Legislation

H.R. 2785To amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services.
2007-06-20Referred to the House Committee on Ways and Means.
Related
H.R. 2834To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services.
2007-06-22Referred to the House Committee on Ways and Means.
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Legislative Actions

2007-06-14
Introduced in Senate
2007-06-14
Sponsor introductory remarks on measure. (CR S7743)
2007-06-14
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7743-7744)

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