TAX NEWS - JUNE 2010

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U.S. Tax: US Senate Nears Deal On Fund-Manager Tax Hike

U.S. Senate Democrats neared agreement late Monday to raise taxes on investment fund managers, with discussions centering on an effective tax rate of 32.7% on much of those fund-manager profits.

The Senate proposal is expected to be made public late Monday or Tuesday as part of a broader package of changes to legislation passed by the House in May.

The tentative deal in the Senate, confirmed by two aides with knowledge of discussions, is slightly more friendly to private equity and hedge fund managers than the House-passed version, which would have taxed their "carried interest" profits at 35%.

In a nod to the venture capital industry, Senate lawmakers are also discussing a lower rate of 30.7% for investments held seven years or longer.
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