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July 25, 2008 4:58:10 PM CDT

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Blackstone Pushes to Delay Tax Increase Bill

Posted Oct 23, 07 12:40 PM CDT in US,  Business,  Politics 

(Newser) – If Blackstone and other buyout firms can't kill a proposed bill that would increase their taxes, they'll try for a 10-year delay in enacting it. Under pressure from lobbyists, lawmakers are discussing doubling the proposed 5-year grace period, Bloomberg reports. The legislation, introduced before Blackstone went public in June, has been the target of over $5 million worth of lobbying by private equity firms.

Some lawmakers, including John Kerry and Charles Schumer, have expressed concerns over the bill, which subjects private equity firms and hedge funds to the 35% corporate tax rate. The lengthened grace period might make it more palatable. Cosponsor Max Baucus has said he is "willing to consider changes to the transition period, and that remains true," says the congressman's spokesman.

Source Bloomberg

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Sen. Charles Grassley, R-Iowa, speaks in this 2006 file photo in Des Moines, Iowa. (AP Photo/Matthew Putney, File)   (Associated Press)
A plaque with the Blackstone Group's company logo is photographed Monday, Aug. 13, 2007 at the company's headquarters in New York. Blackstone Group's profit tripled in the second quarter as clients poured...   (Associated Press)
Senate Finance Committee Chairman Sen. Max Baucus, D-Mont., speaks during a news conference.(AP Photo/Susan Walsh, file)   (Associated Press)
Stephen Schwarzman attends The 39th Annual Museum of Modern Art's Party in the Garden honoring Martin Scorsese, held at the Museum of Modern Art, in this May 15, 2007 file photo in New York. Blackstone...   (Associated Press)
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private equity firms  • Charles Grassley  • Stephen Schwarzman  • Max Baucus  • buyout firms  • Blackstone


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