More Info Re Pending Carried Interest Legislation

In numerous press releases over the last two weeks, both the House Ways and Means Committee and the Senate Finance Committee, along with their respective Chairs, Sander Levin and Max Baucus, have indicated a desire to pass as quickly as possible--but no later than May 31, 2010--a roughly $30 billion tax extenders package. As originally described, the tax extenders package was intended to address numerous areas, including individual tax relief, business tax relief, the extension of numerous expired energy incentives, disaster relief, community assistance, and a handful of miscellaneous provisions. Earlier this week, Rep. Levin announced that lawmakers are close to agreement on a provision that would phase in increased taxation on carried interests. Several of my colleagues in our tax group have prepared a memo discussing this aspect of the bill in more detail. Read it by clicking here. For more information, contact any of the attorneys whose contact information is provided at the end of the memo.