Bill > HR6763

This bill aims to lower the corporate tax rate for small businesses and close the carried interest loophole. Specifically, it would establish a graduated corporate tax rate, with a lower 18% rate on the first $400,000 of taxable income for corporations with up to $5 million in taxable income. The bill also proposes special rules for partners providing investment management services to partnerships, including treating certain net capital gains and losses as ordinary income and loss. Additionally, it would apply the self-employment tax to investment services partnership income or loss. The bill seeks to address potential avoidance of these provisions through various anti-abuse rules and exceptions.