Legislative Activity

The Carried Interest Fairness Act of 2025 modifies tax rules for partnership interests, especially for those providing investment management services. It reclassifies certain capital gains as ordinary income for partners providing investment services, and sets rules for valuing partnership interests transferred for services. The bill also includes a 40% penalty for underpayments due to attempts to avoid these new rules. These changes generally apply to taxable years ending after the enactment date.

The "Fairness for the Trades Act" expands the permitted uses of 529 education savings accounts to include expenses related to tools and equipment necessary to start a qualified business trade. These trades are defined by specific North American Industry Classification System (NAICS) codes and the equipment must be tangible and depreciable. This change applies to taxable years beginning after the enactment of this Act.

The "Reliability for Ratepayers Act" modifies employee compensation and hiring rules at the Bonneville Power Administration (BPA) to address retention and hiring issues. It requires the BPA administrator to create a compensation plan based on surveys of similar jobs in the electric industry, and allows the BPA to hire physicians and experts without regard to certain civil service laws. The goal is to ensure that total compensation for BPA employees is comparable to similar positions at consumer-owned utilities to attract and retain qualified staff.

The "BRIDGE to Congress Resolution" amends House rules to eliminate the requirement that remote witness appearances at committee proceedings are only allowed at the discretion of the committee chair, allowing for more flexible participation.

This bill establishes a Select Committee on Electoral Reform to examine and recommend improvements to congressional election methods. The committee will investigate alternative election systems like proportional representation, ranked-choice voting, and open primaries, and will study potential changes to redistricting and the size of the House of Representatives. It must submit a final report with recommendations to Congress and the President within one year. The Select Committee will not have legislative jurisdiction.