The Senate Finance Committee voted to report the Senate Mark to the floor on party lines (14-12). The final Mark reported to the floor includes a set of manager’s amendments offered by Chairman Orrin Hatch shortly before debate ended. You can read the amendments here.

In one key change, the amendment would impose a three-year holding period requirement for qualification as long-term capital gain with respect to partnership interests received in connection with the performance of services – i.e. a similar carried interest proposal to the one contained in the House Bill. The amendment also allows for a modified historic rehabilitation tax credit and adds an exception to the Senate Mark’s FIFO rule for regulated investment companies.