Rep. Levin displeased with Senate changes to extenders

Levin opposes the change because it carves out a certain entity from incurring a tax increase. 

Under current law, the sale of certain partnerships is taxed at capital gains rates, which is much lower than ordinary income tax rates. 

The Senate bill allows the gain on the sale of energy-related partnerships to still be taxed at capital gains rates while gains from other partnership sales are taxed at the higher income tax rates. 

“I’m opposed to carving out,” he said, adding, “I want a generic bill.”

Levin also said he did not like the Senate eliminating fee disclosure rules for defined contribution plans. 

“I think they’re taking it out is a bad idea,” he said. 

The Senate could begin amending the tax extenders bill as early as Wednesday. Some expect lawmakers to ease the tax burden on S corporations that passed the House. Levin hopes that is not the case. 

“I’m in favor of what passed the House,” he said.