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      "title": "Taxation of Private Equity and Hedge Fund Partnerships: Characterization of Carried Interest",
      "summary": "General partners in most private equity and hedge funds are compensated in two ways. First, to the extent that they contribute their capital in the funds, they share in the appreciation of the assets. Second, they charge the limited partners two kinds of annual fees: a percentage of total fund assets (usually in the 1% to 2% range), and a percentage of the fund\u2019s earnings (usually 15% to 25%, once specified benchmarks are met). The latter performance fee is called \u201ccarried interest\u201d and is treated, or characterized, as capital gains under current tax rules. In the 112th Congress, the President\u2019s Budget Proposal would make carried interest taxable as ordinary income. In the 111th Congress, the House-passed American Jobs and Closing Tax Loopholes Act of 2010, H.R. 4213, would have treated a portion of carried interest as ordinary income, whereas the Tax Extenders Act of 2009, H.R. 4213, H.R. 1935, and the President\u2019s 2010 and 2011 Budget Proposals would have made carried interest taxable as ordinary income. In addition, in the 110th Congress, H.R. 6275 would have made carried interest taxable as ordinary income. Other legislation (H.R. 2834 and H.R. 3996) made similar proposals. This report provides background on the issues related to the debate concerning the characterization of carried interest. It will be updated as legislative developments warrant.",
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      "id": "RS22717_2008Jul08",
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