US SB2155 | 2019-2020 | 116th Congress
Status
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: Introduced on July 17 2019 - 25% progression, died in committee
Action: 2019-07-17 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 17 2019 - 25% progression, died in committee
Action: 2019-07-17 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Generally revises provisions related to the regulation of private equity funds. Among other things, the bill increases financial and legal liability for these funds in the event of certain violations of law, gives employee compensation higher priority in bankruptcies, and generally prohibits the payment of dividends for two years from an acquired asset firm to a private equity fund. The bill modifies the tax treatment of carried interest—compensation that is typically received by a partner of a private equity fund and is based on a share of the fund's profits. (Under current law, carried interest is taxed as investment income rather than at ordinary income tax rates.) Among other things, the bill treats as ordinary income the net capital gain with respect to a private equity fund.
Title
Stop Wall Street Looting Act
Sponsors
Sen. Elizabeth Warren [D-MA] | Sen. Tammy Baldwin [D-WI] | Sen. Kirsten Gillibrand [D-NY] | Sen. Sherrod Brown [D-OH] |
Sen. Bernard Sanders [I-VT] |
History
Date | Chamber | Action |
---|---|---|
2019-07-17 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3848 (Same As) 2019-08-12 - Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
HB1735 (Related) 2019-03-13 - Referred to the House Committee on Ways and Means.
SB781 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
HB1735 (Related) 2019-03-13 - Referred to the House Committee on Ways and Means.
SB781 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
Subjects
Accounting and auditing
Administrative law and regulatory procedures
Bankruptcy
Capital gains tax
Civil actions and liability
Corporate finance and management
Employee benefits and pensions
Finance and financial sector
Financial services and investments
Fraud offenses and financial crimes
Income tax deductions
Income tax rates
Interest, dividends, interest rates
Marketing and advertising
Real estate business
Securities
Securities and Exchange Commission (SEC)
Self-employed
Tax administration and collection, taxpayers
Unemployment
Wages and earnings
Administrative law and regulatory procedures
Bankruptcy
Capital gains tax
Civil actions and liability
Corporate finance and management
Employee benefits and pensions
Finance and financial sector
Financial services and investments
Fraud offenses and financial crimes
Income tax deductions
Income tax rates
Interest, dividends, interest rates
Marketing and advertising
Real estate business
Securities
Securities and Exchange Commission (SEC)
Self-employed
Tax administration and collection, taxpayers
Unemployment
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/2155/all-info |
Text | https://www.congress.gov/116/bills/s2155/BILLS-116s2155is.pdf |