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Article Excerpt
Byline: Doug Halonen
WASHINGTON - A crack is opening between alternative investment trade groups that are battling efforts on Capitol Hill to up taxes on limited partnerships.
Lobbyists are scrambling to confront a proposal from congressional tax-writers that would treat carried interest in limited partnerships as ordinary income, subject to an income tax rate of up to 35%. Currently, carried interest is considered capital gains, subject to a 15% levy. A change in the tax law would hit hedge funds, private equity, venture capital and real estate investors.
But the National Venture Capital Association, Arlington, Va., is trying to distance its members from hedge funds.
"We are making distinctions between the long-term nature of venture capital investment vs. the shorter-term economics that hedge funds employ,'' said Emily Mendell, vice president of strategic affairs and public outreach for the National Venture Capital Association, Arlington, Va.
"We don't do arbitrage,...
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