House Passes Tax Extenders Bill, With Tax Increase on Carried Interests

The House today, in a most party-line vote of 241-181, approved H.R. 4213, The Tax Extenders Act of 2009, which extends 45 tax provisions scheduled to expire at the end of 2009, paid for by taxing carried interests at ordinary income rates (rather than at capital gains rates) and by imposing more stringent reporting rules on offshore accounts.  The bill also would require the Joint Committee on Taxation to do a detailed study of tax expenditures by November 30, 2010.

Documents:

• Bill
• Summary
• Joint Committee on Taxation, Technical Explanation (JCX-60-09)
• Joint Committee on Taxation, Estimated Revenue Effects (JCX-59-09)
• Office of Management and Budget, Statement of Administration Policy
• House Speaker Nancy Pelosi, Press Release

Press and blogosphere coverage:

• Associated Press
• Bloomberg
• Center on Budget and Policy Priorities
• Citizens for Tax Justice
• New York Times
• Reuters
• TaxVox Blog
• Wall Street Journal