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To amend the Internal Revenue Code of 1986 to modernize rules related to publicly traded partnerships, and for other purposes.
Summary
- Excludes certain income from publicly traded partnerships from taxation for investors with less than 5% ownership.
- Modifies asset test requirements for regulated investment companies.
- Simplifies passive activity loss rules for publicly traded partnerships.
- Exempts certain sales of publicly traded partnership interests from a specific tax if the seller held no more than 10% for the prior 5 years.
- The changes apply to taxable years beginning after December 31, 2026.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Carey, Mike [R-OH-15] (R-OH)
Actions (2)
- Jul 22, 2026 Referred to the House Committee on Ways and Means. · house
- Jul 22, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
July 22, 2026
Mr. Carey introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to modernize rules related to publicly traded partnerships, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Advancing Capital for Critical Energy Supply and Security Act” or the “ACCESS Act”.
SEC. 2. MODERNIZATION OF RULES RELATED TO PUBLICLY TRADED PARTNERSHIPS.
(a) Exclusion of Certain Publicly Traded Classes of Units From Unrelated Business Taxable Income.—Section 512(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(20) Treatment of publicly traded classes of units of publicly traded partnerships.—There shall be excluded any income, gain, deduction, loss, or credit attributable to publicly traded classes of units of a publicly traded partnership (as defined in section 7704(b)) which is not treated as a corporation under section 7704(c), provided that the beneficial owner of such publicly traded classes of units owns (or is considered as owning within the meaning of section
318) less than 5 percent of the capital or profits of such publicly traded partnership.”.
(b) Modification of 25 Percent Asset Test for Regulated Investment Companies.—Section 851(b)(3)(B) of such Code is amended—
(1) in clause (i), by adding “or” at the end,
(2) in clause (ii), by striking “, or” at the end and inserting a period, and
(3) by striking clause (iii).
(c) Elimination of Separate Application of Passive Activity Rules in Case of Publicly Traded Partnerships.—Section 469 of such Code is amended by striking subsection (k) and by redesignating subsection (l) as subsection (k).
(d) Certain Interests in Publicly Traded Partnerships Not Treated as Effectively Connected Income.—
(1) In general.—Section 864(c)(8) of such Code is amended by redesignating subparagraphs (C) through (E) as subparagraphs
(D) through (F), respectively, and by inserting after subparagraph (B) the following new subparagraph:
“(C) Exception for certain interests in publicly traded partnerships.—Subparagraph (A) shall not apply in the case of a partner’s sale or exchange of a class of partnership interest which is regularly traded on an established securities exchange, but only if at all times during the 5-year period ending on the date of such sale or exchange, the partner held not more than 10 percent of such class.”.
(2) Withholding requirements.—Section 1446(f)(1) of such Code is amended by inserting “, other than a class of partnership interest which is regularly traded on an established securities exchange,” after “interest in a partnership”.
(e) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2026. <all>
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