The ACCESS Act modernizes federal tax rules governing publicly traded partnerships, which are investment vehicles that trade on stock exchanges. The bill makes four main changes to the Internal Revenue Code: it excludes certain publicly traded partnership units from unrelated business income tax for small investors, modifies asset composition rules for regulated investment companies, eliminates separate passive activity loss restrictions for publicly traded partnerships, and exempts certain traded partnership interests from being taxed as foreign investment income under specific conditions. These changes primarily affect investment firms, mutual funds, and individual investors who hold small stakes in publicly traded partnerships. The tax modifications take effect for taxable years beginning after December 31, 2026, with no new federal spending authorized by the legislation.
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