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NJ Daily

Deal Near On Extenders Provision

June 7, 2010

Senate Democratic negotiators are close to an agreement to ease the bite of a proposed tax increase on investment fund managers, according to congressional aides. The House-passed "extender" bill would have taxed fund manager profits at a blend of 75 percent ordinary income rates and 25 percent capital gains after an initial two-year transition period. An emerging Senate compromise being worked out by Finance Chairman Max Baucus, Sen. Robert Menendez, D-N.J., and other panel members would lower the portion subject to ordinary income rates to 65 percent, but with a twist: The rate on the sale of investments held longer than seven years would see a reduction to 55 percent ordinary income in the emerging compromise. Aides cautioned that the proposal was not yet final, but one aide remarked that a deal is "coming together."

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