Joe Pacello

The enactment of the One Big Beautiful Bill Act (OBBB) on July 4 will have a significant impact on tax planning for the investment and asset management industry. The act has mostly favorable provisions for asset management, with varying implications for asset managers, portfolio company investments, and investors. With the legislation now final, investors and funds should focus on assessing its impact and identifying planning opportunities and challenges.

The passage by the U.S. House of Representatives on May 22 of a major tax bill that would enact large portions of President Trump’s tax agenda allows for a clearer picture of what tax policy changes are likely coming for the asset management industry. The bill passed the House by a slim majority after late changes to certain provisions to appease Republican holdouts, and it now moves to the Senate, where additional significant changes are likely.

Article alarm print PRINT share The IRS has recently released Form 7217, “Partner’s Report of Property Distributed by a Partnership,” as well as the accompanying instructions, reflecting a new reporting requirement for partners in investment partnerships, among others, for tax years beginning in 2024 or later.