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Senate Finance Committee Chair Ron Wyden (D-Ore) released a Discussion Draft of legislation on 10 September 2021 that would significantly revise the treatment of partnerships and partners under Subchapter K of the Internal Revenue Code.  Wyden’s office also released a one-page summary and a 10 page, section-by-section description of the proposals.

For consideration:  The Discussion Draft and explanations provide insight into how Chairman Wyden and Finance Committee Democrats may propose to incorporate significant changes to partnership tax rules in developing budget reconciliation spending and tax legislation. Stakeholders should continue to communicate with policy makers on the potential effects of tax increase proposals in reconciliation legislation on their employees, job creation, and investments.