ACCESS Act

This bill changes federal tax rules for publicly traded partnerships, which are businesses whose ownership units trade on stock exchanges. Tax-exempt groups that own less than 5 percent of such a partnership would not owe unrelated business income tax on income from those traded units. It removes a limit on how much regulated investment companies, such as mutual funds, may hold in these partnerships. It also ends separate passive activity loss rules for these partnerships. Foreign partners who held no more than 10 percent of a traded class for 5 years would not have gains from selling those units treated as U.S. business income, and buyers would not be required to withhold tax on those sales. The changes apply to tax years beginning after December 31, 2026.

Full text and official record on Congress.gov

Sponsors

• Mike Carey Republican sponsor
• 0 cosponsors