Congress should exclude broadband providers and other corporate taxpayers from...
Congress should exclude broadband providers and other corporate taxpayers from a proposed “carried interest” provision in jobs legislation under debate, said CTIA, NCTA, USTelecom and four other business associations. They sent a letter Thursday to House and Senate leaders on…
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both sides of the aisle. An amendment to HR-4213 would tax compensation received by individual investment fund managers at ordinary income tax rates, rather than lower capital gains tax rates. But “the proposed statutory language in the substitute amendment is broad enough to capture corporate taxpayers that own interests in partnerships outside of the investment industry,” the associations said. “As proposed, the carried interest provision would seriously disrupt routine business arrangements involving corporate owned partnerships and alliances … By changing existing partnership tax law, the proposal would both penalize U.S. corporations that have partnerships within their existing operating structures and discourage corporations from using partnerships in forming joint ventures that create jobs."