A Significant Impact On Private Investment Funds

Law360, New York (May 3, 2013, 6:31 PM EDT) -- On April 17, 2013, U.S. Rep. Keith Ellison, D-Minn., reintroduced the Inclusive Prosperity Act of 2013 (H.R. 1579), a financial transaction tax that, according to its supporters, would provide the federal government between $150 billion and $340 billion of revenue per year. The bill is, essentially, a sales tax on large Wall Street banks; however, its provisions seem to impact hedge funds and private equity funds.

Specifically, the bill imposes a tax on the transfer of ownership in each "covered transaction" with respect to any "security."...
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