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The Senate begins debate on an updated version of a tax extenders bill (H.R. 4213) that would scale back the tax increase on investment managers' carried interest earnings, making it all but certain the bill will again be returned to the House. The first action of Senate Finance Committee Chairman Baucus is to modify the carried interest language and further increase the excise tax on oil to secure the 60 votes needed for passage. Under the Senate's version of the American Jobs and Closing Loopholes Act, 65 percent of carried interest earned by investment fund managers would be taxed at ordinary income tax rates of up to 39.6 percent, instead of the 15 percent capital gains tax rate for which they currently qualify. The Senate substitute for H.R. 4213 submitted for debate by Baucus does not contain retirement plan fee disclosure provisions that were in the final House version of the bill.
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