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States Float Model Law on Taxing Investment Partnerships (1)

June 8, 2022, 8:57 PMUpdated: June 9, 2022, 5:33 PM

A draft plan from a multistate tax group would make state tax codes more uniform and potentially boost revenue collections from investment partnerships including hedge fund, private equity, and venture capital sectors.

The draft model statute, released Wednesday, is the first actionable product of the Multistate Tax Commission’s partnership work group. It emphasizes uniformity and simplification among the group’s 25 full and sovereignty member states as they seek their fair shares of tax revenue from the trillions of dollars flowing through such investment partnerships. The draft applies only to the income attributable to individuals, not corporations.

Tensions ...