ACCESS Act
Sponsored By: Representative Carey, Mike [R-OH-15]
Introduced
Summary
Modernize tax rules for publicly traded partnerships. This bill would change how publicly traded partnership (PTP) interests are taxed for public investors, investment funds, and foreign holders.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Change to RIC 25% asset test
If enacted, this bill would change the 25 percent asset test that helps determine whether a fund qualifies as a Regulated Investment Company (RIC). The amendment would remove one clause of the test, effective for taxable years beginning after December 31, 2026. Fund managers and investors could see changes in which funds qualify for special RIC tax rules and in fund structure and tax treatment.
New tax rules for PTP investors
If enacted, this bill would change tax rules for people who own publicly traded partnership (PTP) classes starting for taxable years after December 31, 2026. You would be able to exclude from your unrelated business taxable income (UBTI) income, gain, deduction, loss, or credit tied to a publicly traded class of partnership units if you own (or are treated as owning) less than 5 percent of the partnership's capital or profits and the class is not treated as a corporation under section 7704(c). If a class is regularly traded on an established securities exchange, a partner who held not more than 10 percent of that class at all times during the five years before sale would avoid the ECI rule for a sale or exchange, and regularly traded classes would be exempted from the partnership interest withholding rule under section 1446(f)(1). The bill would also remove a PTP-specific passive loss rule so partners in publicly traded partnerships would follow the general passive activity loss rules instead.
Sponsors & CoSponsors
Sponsor
Carey, Mike [R-OH-15]
OH • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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