- Stage
- In committee
- Started in
- Senate
- Sponsor
- 1
- Latest action
- Jun 17, 2025
What it does
The PARTNERSHIPS Act amends the Internal Revenue Code to improve rules related to partners and partnerships, primarily by requiring certain partners in covered partnerships to use a consistent percentage method for determining their distributive share of income, gain, loss, deduction, or credit based on net equity, and by imposing reporting requirements on covered partnerships. It affects partnerships where two or more members of a controlled group own 50% or more of capital or profits interests, or as specified by the Secretary, and their partners who hold more than a de minimis interest. The bill also modifies rules regarding built-in gains, revalued property, partnership debt, basis…
AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
While a bill can still move, the questions are about people and money.