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From Kirsten Bischoff, Opalesque New York:
The proposed carried interest legislation that is moving through multiple channels is largely accepted as a ‘done deal’, one that not even the most powerful of lobbying groups will be able to turn around. There is, however some question about when it will begin affecting a large portion of the financial industry, and until later this month there remains the possibility that it will be effective in 2010, rather than the expected 2011 date.
“[Carried interest tax legislation] is truly a fait accompli,” Maury Cartine, Partner, Alternative Investment Group at U.S. accounting firm Marcum LLP said to Opalesque. The carried interest tax has been widely expected to pass as legislation in 2010 and take effect for the year 2011; the Obama Administration has included this tax in the budget for 2011.
However, as it currently stands as part of the “Tax Extenders Act of 2009” passed by the House of Representatives in December and currently awaiting action by the Senate in January, carried income tax legislation will take effect this year.
“Being included in the tax extender bill of 2009 was a surprise because it is unusual to see fresh, new, substantive legislation in those year-end, tax extender bills. Especially legislation that will have such a dramatic effect,” says Cartine.
Several things could occur when the bill is address...................... To view our full article Click here
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