119th Congress · introduced in the Senate · Feb 6, 2025
Carried Interest Fairness Act of 2025
Official title from Congress.gov
Latest action (Feb 6, 2025): Read twice and referred to the Committee on Finance.
View on Congress.govPolicy area: Taxation
Congressional Research Service summary, version: Introduced in Senate (Feb 6, 2025)
Carried Interest Fairness Act of 2025
This bill taxes income from carried interest at ordinary income tax rates and makes other changes related to carried interest. (Some exceptions apply.)
As background, a general partner in a private equity firm or hedge fund (typically structured as a partnership) generally receives a share of the profits from the assets managed by the general partner (known as carried interest). Under current law, carried interest is characterized (for federal tax purposes) as an interest in a partnership’s capital and, thus, taxed at capital gains tax rates (which may be lower than the applicable ordinary income tax rates).
Under the bill, net capital gain and loss attributable to carried interest is recharacterized as ordinary income and loss and, thus, taxed at ordinary income tax rates. (Some exceptions apply.)
The bill also treats as ordinary the money (or fair market value of property) received by a partner in a sale or exchange of carried interest. (Thus, the bill extends what is known as the hot asset rule to include carried interest.)
Further, the bill deems distributions of carried interest by a partnership in exchange for interest in other partnership property a sale or exchange of such property and, thus, requires the partner to recognize ordinary gain on the distributed carried interest.
Finally, the bill imposes self-employment taxes on carried interest income.
Show less of the summaryIncludes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
No recorded roll calls on this bill in coverage.
Read twice and referred to the Committee on Finance.
Introduced in Senate
Actions from Congress.gov, newest first.
LD-2 reports whose issue descriptions explicitly cite this bill (bill type and number validated against Congress.gov records). A citation does not establish the client's position or any contact with a member.
Loading lobbying reportsCoverage: reports for 2025 onward, posted Jan 1, 2025 through Oct 24, 2026.
43 citations; showing the 25 most recently posted.
AMERICAN FEDERATION OF TEACHERS · lobbying firm or registrant: AMERICAN FEDERATION OF TEACHERS
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Taxation/Internal Revenue Code
$420,000
Spent on own lobbying
…Equal Tax Act, Entirety H.R.8085/S.4246, The Ultra-Millionaire Tax Act, Entirety H.R.7767/S.3956, Make Billionaires Pay Their Fair Share Act, Entirety H.R.1091/S.445, The Carried Interest Fairness Act, Entirety H.R.2692/S.1310, No Tax Breaks for Union Busting Act, Entirety H.R.2671/S.1286, Tax Fairness for Workers Act, Enti…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Taxation/Internal Revenue Code
$671,823
Spent on own lobbying
S. 445, The Carried Interest Fairness Act of 2025; H.R. 1091, The Carried Interest Fairness Act; S. 695, The Small Business Investment Act of 2025; H.R. 1199, The Sma…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
MANAGED FUNDS ASSOCIATION · lobbying firm or registrant: MANAGED FUNDS ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Taxation/Internal Revenue Code
$1,130,000
Spent on own lobbying
H.R. 1091/ S. 445, Carried Interest Fairness Act of 2025 Carried interest. Taxation of investments.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL COUNCIL OF SHOPPING CENTERS · lobbying firm or registrant: INTERNATIONAL COUNCIL OF SHOPPING CENTERS
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 19, 2026 · issue area: Taxation/Internal Revenue Code
$420,000
Spent on own lobbying
S. 445/H.R. 1091 Carried Interest Fairness Act - ALL H.R. 2410 Revitalizing Downtowns and Main Streets Act - ALL IRC Section 1031 - maintaining current treatment - no…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR FINANCIAL REFORM · lobbying firm or registrant: AMERICANS FOR FINANCIAL REFORM
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 27, 2026 · issue area: Taxation/Internal Revenue Code
$100,000
Spent on own lobbying
…rporate Bonuses Act" S. 1576 Stop Subsidizing Multimillion Dollar Corporate Bonuses Act IRS enforcement funding Curtailing Executive Overcompensation (CEO) Act S. 445 Carried Interest Fairness Act HR 1091 Carried Interest Fairness Act H.R. 9490 Bank Failure Accountability Act
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR FINANCIAL REFORM · lobbying firm or registrant: AMERICANS FOR FINANCIAL REFORM
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 27, 2026 · issue area: Financial Institutions/Investments/Securities
$100,000
Spent on own lobbying
…res IPOs H.R. 425, the Repealing Big Brother Overreach Act H.R. 8286, the Protecting Americans Retirement Savings from Politics Act HR 8612 the Reward Work Act S. 445 Carried Interest Fairness Act Stock buybacks Executive compensation Wealth Tax Financial Transaction Tax corporate minimum tax loophole for private equity IRS…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Taxation/Internal Revenue Code
$1,173,637
Spent on own lobbying
S. 445, The Carried Interest Fairness Act of 2025; H.R. 1091, The Carried Interest Fairness Act; S. 695, The Small Business Investment Act of 2025; H.R. 1199, The Sma…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL BROTHERHOOD OF TEAMSTERS · lobbying firm or registrant: INTERNATIONAL BROTHERHOOD OF TEAMSTERS
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Taxation/Internal Revenue Code
$489,143
Spent on own lobbying
- 45G Tax Credit - S.445 Carried Interest Fairness Act - Film and television Tax Credits - H.R. 4840: The CREATE Act - H.R. 5475: No Tax on Overtime for All Workers Act - H.R.7115 - Ju…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN FEDERATION OF TEACHERS · lobbying firm or registrant: AMERICAN FEDERATION OF TEACHERS
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Taxation/Internal Revenue Code
$410,000
Spent on own lobbying
…Equal Tax Act, Entirety H.R.8085/S.4246, The Ultra-Millionaire Tax Act, Entirety H.R.7767/S.3956, Make Billionaires Pay Their Fair Share Act, Entirety H.R.1091/S.445, The Carried Interest Fairness Act, Entirety H.R.2692/S.1310, No Tax Breaks for Union Busting Act, Entirety H.R.2671/S.1286, Tax Fairness for Workers Act, Enti…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
MANAGED FUNDS ASSOCIATION · lobbying firm or registrant: MANAGED FUNDS ASSOCIATION
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Taxation/Internal Revenue Code
$1,100,000
Spent on own lobbying
H.R. 1091/ S. 445, Carried Interest Fairness Act of 2025 Section 864(b) of the Internal Revenue Code - safe harbor for investment in U.S. securities and other assets by non-U.S.…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL COUNCIL OF SHOPPING CENTERS · lobbying firm or registrant: INTERNATIONAL COUNCIL OF SHOPPING CENTERS
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Taxation/Internal Revenue Code
$460,000
Spent on own lobbying
S. 445/H.R. 1091 Carried Interest Fairness Act - ALL H.R. 2410 Revitalizing Downtowns and Main Streets Act - ALL IRC Section 1031 - maintaining current treatment - no…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ALLIANCE FOR RETIRED AMERICANS · lobbying firm or registrant: ALLIANCE FOR RETIRED AMERICANS
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 17, 2026 · issue area: Taxation/Internal Revenue Code
$85,000
Spent on own lobbying
1. Proposal to extend the Tax Cuts and Jobs Act of 2017 2. S. 445, Carried Interest Fairness Act, entire bill 3. H.R. 3271, Medicare and Social Security Fair Share Act, entire bill 4. S. 1690, Medicare and Social Security Fai…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN FEDERATION OF TEACHERS · lobbying firm or registrant: AMERICAN FEDERATION OF TEACHERS
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Taxation/Internal Revenue Code
$490,000
Spent on own lobbying
…Equal Tax Act, Entirety H.R.8085/S.4246, The Ultra-Millionaire Tax Act, Entirety H.R.7767/S.3956, Make Billionaires Pay Their Fair Share Act, Entirety H.R.1091/S.445, The Carried Interest Fairness Act, Entirety S.3317 (118th), Ending the Carried Interest Loophole Act, Entirety H.R.2692/S.1310, No Tax Breaks for Union Bustin…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Taxation/Internal Revenue Code
$464,268
Spent on own lobbying
S. 445, The Carried Interest Fairness Act of 2025; H.R. 1091, The Carried Interest Fairness Act; S. 695, The Small Business Investment Act of 2025; H.R. 1199, The Sma…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
MANAGED FUNDS ASSOCIATION · lobbying firm or registrant: MANAGED FUNDS ASSOCIATION
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Taxation/Internal Revenue Code
$1,630,000
Spent on own lobbying
H.R. 1091/ S. 445, Carried Interest Fairness Act of 2025 Pass-through entity taxes. International retaliatory taxes. Section 892 of the Internal Revenue Code - related to how fo…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AFL-CIO · lobbying firm or registrant: AFL-CIO
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Taxation/Internal Revenue Code
$880,000
Spent on own lobbying
…f 2024 Millionaire Surtax Act H.R.7937/S4083- Working Americans Tax Cut Act S.3956 - Make Billionaires Pay Their Fair Share Act H.R.5336 /S4122 - Equal Tax Act S.445/ HR 1091 - Carried Interest Fairness Act of 2025 H.R.995 - No Tax Breaks for Outsourcing Ac S.2845 - Billionaires Income Tax Act
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ALLIANCE FOR RETIRED AMERICANS · lobbying firm or registrant: ALLIANCE FOR RETIRED AMERICANS
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 18, 2026 · issue area: Taxation/Internal Revenue Code
$95,000
Spent on own lobbying
1. Proposal to extend the Tax Cuts and Jobs Act of 2017 2. S. 445, Carried Interest Fairness Act, entire bill 3. H.R. 3271, Medicare and Social Security Fair Share Act, entire bill 4. S. 1690, Medicare and Social Security Fai…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL COUNCIL OF SHOPPING CENTERS · lobbying firm or registrant: INTERNATIONAL COUNCIL OF SHOPPING CENTERS
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 16, 2026 · issue area: Taxation/Internal Revenue Code
$370,000
Spent on own lobbying
S. 445/H.R. 1091 Carried Interest Fairness Act - ALL H.R. 2410 Revitalizing Downtowns and Main Streets Act - ALL IRC Section 1031 - maintaining current treatment - no…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR TAX REFORM · lobbying firm or registrant: AMERICANS FOR TAX REFORM
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Feb 4, 2026 · issue area: Taxation/Internal Revenue Code
$60,000
Spent on own lobbying
…034. Senate Amendment to H.Con.Res.14 Issues related to the IRS Direct File Program H.R.1882 - Saving Gig Economy Taxpayers Act S.615 - Chemical Tax Repeal Act S.445 - Carried Interest Fairness Act of 2025 Issues related to the corporate income tax rate H.R.1 One Big Beautiful Bill Act H.Con.Res.14 - Establishing the congre…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
MANAGED FUNDS ASSOCIATION · lobbying firm or registrant: MANAGED FUNDS ASSOCIATION
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Taxation/Internal Revenue Code
$1,270,000
Spent on own lobbying
H.R. 1091/ S. 445, Carried Interest Fairness Act of 2025 H.Con.Res.14, Establishing the congressional budget for the United States Government for fiscal year 2025 and setting fo…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Taxation/Internal Revenue Code
$722,908
Spent on own lobbying
S. 445, The Carried Interest Fairness Act of 2025; H.R. 1091, The Carried Interest Fairness Act; S. 695, The Small Business Investment Act of 2025; H.R. 1199, The Sma…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL COUNCIL OF SHOPPING CENTERS · lobbying firm or registrant: INTERNATIONAL COUNCIL OF SHOPPING CENTERS
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Taxation/Internal Revenue Code
$550,000
Spent on own lobbying
S. 445/H.R. 1091 Carried Interest Fairness Act - ALL H.R. 2410 Revitalizing Downtowns and Main Streets Act - ALL IRC Section 164 - maintaining current treatment - no…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
ALLIANCE FOR RETIRED AMERICANS · lobbying firm or registrant: ALLIANCE FOR RETIRED AMERICANS
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 8, 2026 · issue area: Taxation/Internal Revenue Code
$90,000
Spent on own lobbying
1. Proposal to extend the Tax Cuts and Jobs Act of 2017 2. S. 445, Carried Interest Fairness Act, entire bill 3. H.R. 3271, Medicare and Social Security Fair Share Act, entire bill 4. S. 1690, Medicare and Social Security Fai…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR TAX REFORM · lobbying firm or registrant: AMERICANS FOR TAX REFORM
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 21, 2025 · issue area: Taxation/Internal Revenue Code
$60,000
Spent on own lobbying
…034. Senate Amendment to H.Con.Res.14 Issues related to the IRS Direct File Program H.R.1882 - Saving Gig Economy Taxpayers Act S.615 - Chemical Tax Repeal Act S.445 - Carried Interest Fairness Act of 2025 Issues related to the corporate income tax rate H.R.1 One Big Beautiful Bill Act H.Con.Res.14 - Establishing the congre…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 20, 2025 · issue area: Taxation/Internal Revenue Code
$648,117
Spent on own lobbying
S. 445, The Carried Interest Fairness Act of 2025; H.R. 1091, The Carried Interest Fairness Act; S. 695, The Small Business Investment Act of 2025; H.R. 1199, The Sma…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing