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ARTICLE · 16 JUNE 2020

U.S. Carried Interest Regulations Delayed For Second Review

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On June 2, 2020, the long-awaited carried interest proposed regulations were returned to the Office of Management and Budget (OMB) for a second round of review.

United StatesFinance and Banking
Matthew McDonald
Matthew McDonald
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On June 2, 2020, the long-awaited carried interest proposed regulations were returned to the Office of Management and Budget (OMB) for a second round of review. The OMB's Office of Information and Regulatory Affairs (OIRA) previously completed its review of the proposed regulations on February 27, 2020 and the funds and alternative investments industry has been eagerly been awaiting their release ever since. The reason for the additional round of OMB review is unknown, although the move suggests that changes to the previously-reviewed regulations may be forthcoming prior to their release.

A carried interest generally refers to a profits interest a partnership that is issued in connection with the performance of services. The 2017 Tax Cuts and Jobs Act introduced a 3-year holding period requirement for carried interests in partnerships that engage in making and managing investments. Under the new rules, a partner generally must hold its interest for more than three

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