All Partnerships Legislation - Federal Government

Biofuels Pipeline Act of 2008 - Amends the Internal Revenue Code to modify the definition of qualifying income for publicly traded partnerships to include income and gains from the transportation, storage, or marketing of any fuel which meets certain registration requirements for fuels and fuel additives established by the Environmental Protection Agency (EPA) under the Clean Air Act.

Domestic Film Production Equity Act of 2008 - Amends Internal Revenue Code provisions relating to the tax deduction for domestic film and television production activities to: (1) include within the income base for such deduction compensation for services performed in the United States by actors, production personnel, directors, and producers and any copyrights, trademarks, or other intangibles with respect to a film production; and (2) allow a deduction for partners or S corporation shareholders who own at least a 20% interest in a film project.

Biofuels Pipeline Act of 2008 - Amends the Internal Revenue Code to modify the definition of qualifying income for publicly traded partnerships to include income and gains from the transportation, storage, or marketing of any fuel which meets certain registration requirements for fuels and fuel additives established by the Environmental Protection Agency (EPA) under the Clean Air Act.

Amends the Internal Revenue Code to allow a state-chartered banking entity to elect to be treated as a partnership or separate entity for tax purposes if it is organized as a limited liability company under state law and has Federal Deposit Insurance Corporation (FDIC) insurance. Exempts such an entity from treatment as a bank under the Internal Revenue Code for purposes of its bad debts, losses, gains from the sale of its securities, and the taxation of its common trust funds.

Amends the Internal Revenue Code to qualify corporations and partnerships created or organized as community development entities in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, or the Virgin Islands for the new markets tax credit.

Contracting and Tax Accountability Act of 2007 - Prohibits any person who has a seriously delinquent tax debt from obtaining a federal government contract or grant. Requires federal agency heads to require prospective contractors or grantees to: (1) certify that they do not have such a debt; and (2) authorize the Secretary of the Treasury to disclose information describing whether such contractors or grantees have such a debt.

Defines "seriously delinquent tax debt" and an outstanding tax debt for which a notice of lien has been filed in public records.

(This measure has not been amended since it was passed by the House on December 4, 2007. The summary of that version is repeated here.)

Excludes from gross income, for federal income tax purposes, any payments made by Virginia Polytechnic Institute & State University (Virginia Tech) out of the Hokie Spirit Memorial Fund to the victims of the tragic shootings at such school on April 16, 2007.

Increases the penalty for failure to file a partnership income tax return, for a taxable year beginning in 2008, by one dollar (from $85 to $86) per month (multiplied, as under current law, by the number of partners in the offending partnership during any part of the taxable year).

(This measure has not been amended since it was passed by the Senate on December 6, 2007. The summary of that version is repeated here.)

Tax Increase Prevention Act of 2007 - Amends the Internal Revenue Code to extend through 2007 for individual taxpayers: (1) the increased alternative minimum tax (AMT) exemption amounts; and (2) the offset of nonrefundable personal tax credits against regular and AMT liability.

Qualified Personal Service Corporations Clarification Act of 2007 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).

Amends Internal Revenue Code provisions relating to the tax on the unrelated business income of tax-exempt organizations to exempt from treatment as acquisition indebtedness (subject to the unrelated business income tax) indebtedness incurred or continued by a limited partnership in a partnership to purchase or carry certain securities or commodities.

Amends the Internal Revenue Code to require the same level of tax withholding for tax deductible payments made between persons who are members of the same foreign controlled group of entities as would be required if such payments were made directly to the foreign parent corporation of such entities.

Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest. Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership as to the value of specified assets (e.g., real estate, commodities, or options or derivative contracts); (2) advising the partnership about investing in, purchasing, or selling specified assets; (3) managing, acquiring, or disposing of specified assets; or (4) arranging financing with respect to acquiring specified assets.