Political Action Scorecard

by Joe Wallin on June 17, 2010 in Tax with No comments

I recently received an email from a friend asking for a status report on a couple of the securities and tax law issues that I have been twittering about as they’ve flowed through the political system. Below is a “political action scorecard” on the issues I’ve been following.

Issue	Status
Carried Interest Tax Hike Proposal	This proposal was in the tax extenders bill the Senate couldn’t pass after three tries; it is unclear whether this will be included in another bill.
Temporary Repeal of Capital Gains on QSB Stock	This proposal was passed by the House; I am not sure when it may be taken up by the Senate. It may become part of the small business bill to be taken up by the Senate next week.
New S corporation taxes	This proposal was in the tax extenders bill the Senate couldn’t pass; it is unclear whether this will be included in another bill.
Exclusion of primary residence from “accredited investor” definition	I believe this was in the conference committee agreed upon financial regulatory reform bill, but we haven’t seen the actual language yet to confirm.