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Private Equity Tax Reform

Ballard Spahr LLP

Initial Insights Into the One Big Beautiful Bill: Key Provisions for Private Equity Funds and Fund Sponsors

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Recently, President Donald Trump signed the bill known as the One Big Beautiful Bill Act (OBBBA) into law. OBBBA permanently extends many provisions of the Internal Revenue Code (Code) introduced by the Tax Cuts and Jobs Act...more

Rivkin Radler LLP

Three Big Beautiful M&A Takeaways

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It hasn’t taken long for the business world to start unpacking the implications of the newly passed One Big Beautiful Bill Act (OBBBA). While media coverage has mostly centered on its impact on individual taxpayers and the...more

Seward & Kissel LLP

A Big Beautiful Law: Congress Passes Trump’s Tax Reform Package

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This Memorandum continues our analysis of the current U.S. federal tax reform process. Today, the House of Representative passed the Senate’s version of the One Big, Beautiful Bill (the “Senate Tax Bill”). The Senate Tax Bill...more

Opportune LLP

Tax Implications of the One Big Beautiful Bill Act in the U.S. Energy Industry

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On May 22, 2025, the House Budget Committee approved the President Trump-supported tax legislation called the One Big Beautiful Bill Act (the “OBBBA”). As the OBBBA works its way through Congress with the Senate targeting a...more

Cooley LLP

Senate Tax Bill Expands QSBS Benefits

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On June 16, 2025, the Senate Finance Committee (SFC) released a revised version of the “One Big Beautiful Bill Act” (SFC bill), following the House’s passage of the bill on May 22. The SFC bill would significantly expand the...more

Wilson Sonsini Goodrich & Rosati

Senate Finance Committee Proposes Significant Expansion of the Qualified Small Business Stock (QSBS) Tax Exemption

On June 16, 2025, the Senate Finance Committee released draft text of the tax provisions in the Senate’s version of H.R. 1 (commonly referred to as the “One Big Beautiful Bill” (the SFC Bill)). Notably, the SFC Bill would...more

Proskauer - Tax Talks

UK Government Carried Interest Tax Reforms Consultation Process: No New Conditions, Territorial Limits Clarified

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June 2025 – The UK Government has published its response to the consultation on its proposal to change the tax treatment of carried interest, confirming the expected final shape of the new regime which will take effect from...more

Troutman Pepper Locke

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Private Equity Funds and Their Portfolio Companies

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On May 22, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the BBB). The BBB proposes amendments to the Internal Revenue Code (the Code) that could have...more

Goodwin

UK Government announces update on new carried interest tax regime

Goodwin on

On June 5, 2025, the UK Government announced the result of their recent consultation process regarding their plans to bring carried interest within the income tax regime from April 2026, subject to an effective tax rate of...more

Akin Gump Strauss Hauer & Feld LLP

From Crackdown to Calibration: The UK’s Evolving Carried Interest Regime

In November, we covered the UK government’s proposal to overhaul the tax treatment of carried interest in the United Kingdom—an effort to close perceived loopholes by shifting carried interest fully into the income tax...more

Opportune LLP

Tax Planning Transformed: A Look at 20 Years of Evolution

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For many years, taxes were the quiet endnote in financial decisions, an obligatory step taken after the strategic direction had been set. In mergers and acquisitions, IPO planning, and corporate restructurings, tax...more

Troutman Pepper Locke

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Investment Funds and Sponsors

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On May 22, 2025, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the Tax Bill). The Tax Bill proposes amendments to the Internal Revenue Code (the Code) that...more

DLA Piper

Institutional Investor Newsletter: Q2 2025

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If enacted, the House Committee on Ways and Means’ tax bill, entitled “The One, Big, Beautiful Bill,” could affect certain institutional investors. Among other measures, the proposed legislation would impose elevated US tax...more

Pillsbury Winthrop Shaw Pittman LLP

The Proposed “Big, Beautiful Bill” May Disrupt Sports Team Investment Strategy

The recently proposed “Big, Beautiful Bill” (BBB), currently under preliminary markup in the Senate Finance Committee, includes a suite of tax provisions aimed at deficit reduction, corporate reform and base-broadening. Of...more

Ankura

Navigating Change: How 2025 Tax Changes Could Affect M&A Dynamics

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In the merger and acquisition (M&A) landscape, it is crucial to consider factors beyond the transaction itself, as the 2025 calendar year is already underway. Evaluating how potential 2025 tax changes and any changes beyond...more

Akin Gump Strauss Hauer & Feld LLP

2025 Perspectives in Private Equity: Tax Analysis

Major portions of the U.S. tax code are scheduled to expire at the end of 2025, and as the U.S. tax landscape faces potential upheaval, private equity firms must stay vigilant and adaptable. Proactively engaging with tax...more

Hogan Lovells

The French Finance Act for 2025 reforms the tax and social security regime of management packages and amends the regime applicable...

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The French Finance Act for 2025 radically overhauled the tax and social security treatment of management packages. The BSPCE regime is also subject to some amendments. Key changes and features you need to be aware of: a...more

Levenfeld Pearlstein, LLC

PTET in Private Equity Accounting Deals in 2025 and Beyond?

In connection with the first Trump administration’s tax bill known as the Tax Cuts and Jobs Act (“Jobs Act”), a cap on state and local tax deductions was instituted at $10,000 (“SALT Cap”) for tax years 2018 through 2025. The...more

Cadwalader, Wickersham & Taft LLP

Tax Proposals Bid Adieu to Carried Interest

On February 6, 2025, the Trump Administration announced various tax and budgetary priorities discussed further here, including closing the “carried interest loophole.”  On the same day, Democrats in the House and Senate...more

Bennett Jones LLP

Lessons in Leadership From Canadian Business Icon Jon Love

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What a great evening. The indomitable Jon Love, Executive Chair and Founder of KingSett Capital, joined me for a one-on-one discussion about his extraordinary career, his reflections on leadership and current public policy...more

Fox Rothschild LLP

Trump May Revive Effort to Close Carried Interest Loophole

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President Trump is meeting with Republican lawmakers to discuss potential tax code changes, including a proposal to eliminate the carried interest tax break. White House Press Secretary Karoline Leavitt announced the...more

Seward & Kissel LLP

Carried Interest in the Crosshairs…Again

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On February 6, 2025, Democratic Senators and Representatives proposed the Carried Interest Fairness Act, which would treat carried interest as ordinary income. Additionally, on the same day President Trump met with...more

Dorsey & Whitney LLP

President Trump Seeks to End Carried Interest Tax Preference

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President Trump met with Republican lawmakers on Thursday, February 6, 2025, to outline his tax priorities, including extending the 2017 tax cuts and expanding the state and local tax deduction. Also included among the...more

Crunched Credit

Let’s Fix REMIC Now!

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This title may be a bit ambitious, a triumphalist embrace of hope over experience? But it’s time for the effort to be made....more

Skadden, Arps, Slate, Meagher & Flom LLP

Resilient Economy and Promises of Lessened Regulation, Lower Taxes Raise Hopes for a Surge in M&A

Key Points - - Pro-growth policies and reduced regulation could create significant opportunities for increased M&A in 2025. - Lower interest rates, moderating inflation and rising stock market valuations may also...more

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