Carried Interest Fairness Act of 2015

Dodd Frank Implementation H.R. 3054/S. 1709: 21st century Glass-Stegall Act of 2015 H.R. 2889/S. 1686: carried interest Fairness act H.R. 2103/S. 1127: Stop subsidizing multi-million dollar corporate bonuses act Fed Reserve H.R. 5485: Financial Services & general Gov't appropriations Act of 2017

Client expense: $760,000 · Firm income: Not reported

Government targets: Defense, Dept of (DOD), Election Assistance Commission (EAC), Energy, Dept of, Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Occupational Safety & Health Administration (OSHA), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Social Security Administration (SSA), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Dodd Frank Implementation H.R. 3054/S. 1709: 21st century Glass-Stegall Act of 2015 H.R. 2889/S. 1686: carried interest Fairness act H.R. 2103/S. 1127: Stop subsidizing multi-million dollar corporate bonuses act Fed Reserve H.R. 5485: Financial Services & general Gov't appropriations Act of 2017

Client expense: $760,000 · Firm income: Not reported

Government targets: Defense, Dept of (DOD), Election Assistance Commission (EAC), Energy, Dept of, Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Occupational Safety & Health Administration (OSHA), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Social Security Administration (SSA), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Corporate Tax Reform Issues S 922, HR 1790, HR 3935- Corporate Tax Dodging Prevention Act HR 415, S 198- Stop Corporate Tax Inversions Act HR 5745- Financial Transaction Tax HR 2889, S 1686- Carried Interest Fairness Act HR 1464, S 1127- Stop Subsidizing Multimillion Corporate Bonus Act Federal income tax exclusion for interest on state and local government public purpose bonds Corporate tax, including rates, loopholes, territorial Repatriation tax rate and requirements S 174, HR 297- Tax on international firms (e.g. Stop Tax Haven Abuse Act, and Schumer-Portman International Tax Plan) HR 1105- Estate tax Earned Income Tax Credit Child Tax Credit Federal tax reform impact on state and local government revenue S 698, HR 2775, Goodlatte draft- State and local tax on internet/remote sales HR 1643, S 851- Digital Goods and Services Tax Fairness Act HR 2584- Business Activity Tax Simplification Act HR 4287- Wireless Tax Fairness Act Earned Income Tax Credit and Child Tax Credit Parity for Puerto Rico

Client expense: $550,000 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Social Security Administration (SSA), Substance Abuse & Mental Health Services Administration (SAMHSA), Treasury, Dept of, White House Office

H.R.879 - Ax the Tax on Middle Class Americans Health Plans Act; H.R.1087 - Wireless Telecommunications Tax and Fee Collection Fairness Act of 2015; H.R.1643/S.851 - Digital Goods and Services Tax Fairness Act of 2015; H.R.2050 - Middle Class Health Benefit Tax Repeal Act of 2015; H.R.2315/S.386 - Mobile Workforce State Income Tax Simplification Act of 2015; H.R.2775 - Remote transactions Parity Act of 2015 (to grant states the authority to enforce state and local sales and use tax laws on remote transactions); H.R.2889/S.1686 - Carried Interest Fairness Act of 2015; H.R.4287 - Wireless Tax Fairness Act of 2015; S.116 - Telephone Excise Tax Elimination Act of 2015; S.386 - Mobile Workforce State Income Tax Simplification Act of 2015; and S.698 - Marketplace Fairness Act of 2015 (to restore state rights to enforce state and local sales and use tax laws). General lobbying on the following tax issues and draft legislation: debt versus equity (Section 385 Treasury regulations); VoIP Sourcing tax legislation/Mobile Telecommunications Sourcing Act technical corrections; House Tax Blueprint; Online Sales Simplification Act; excise tax on high cost health insurance plans; comprehensive tax reform; corporate tax reform and rates; corporate interest tax deductions; like kind exchanges; international tax reform; dividend taxation; and telecommunications equipment depreciation.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Carried Interest/Enterprise Value Regulation of passive investment in U.S. securities and other assets by non-U.S. investors. Tax reform in non-U.S. jurisdictions. Pending legislation on international tax reform. Management and Control Unrelated Business Income Tax (UBIT) Legislative oversight of implementation of rules under 871(m) of the Tax Code. Oversight of 305(c) Implementation H.R. 2889 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. S.1686 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. H.R. 1314 - the Bipartisan Budget Act of 2015 - To amend the Internal Revenue Code of 1986 to provide for a right to an administrative appeal relating to adverse determinations of tax-exempt status of certain organizations. (partnership audit provisions) An Amendment to H.R. 2029 - the Consolidated Appropriations Act, 2016 (omnibus appropriations - partnership audit provisions) OECD BEPS Tax Treaty Project. H.R.6439 - the Tax Technical Corrections Act of 2016

Client expense: $920,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S. 1484, Financial Regulatory Improvement Act. Closing the IRS 162(m) loophole. H.R. 381, Return to Prudent Banking Act of 2015. H.R. 3054/ S. 1709, 21st Century Glass-Steagall Act of 2015. H.R. 1464/ S. 1371, Inclusive Prosperity Act of 2015. H.R. 2889/ S. 1686, Carried Interest Fairness Act. H.R. 2103/ S. 1127, Stop Subsidizing Million Dollar Bonuses Act. H.R. 5745, Putting Main Street FIRST Act. Offshore Subsidiary Disclosure Rules (SEC). SEC Corporate Political Disclosure Rulemaking.

Client expense: $310,000 · Firm income: Not reported

Government targets: Executive Office of the President (EOP), Federal Aviation Administration (FAA), Federal Motor Carrier Safety Administration, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), Pension Benefit Guaranty Corporation (PBGC), President of the U.S., SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), U.S. Trade Representative (USTR), White House Office

Non-recourse carve-out provisions and IRS Chief Counsel Advice Estate tax regulations under Section 2704 Tax Reform, including House Republican tax reform blueprint Carried Interest, including Carried Interest Fairness Act of 2015 (H.R. 2889) Internet sales tax legislation: S. 698 and H.R. 2775 179D Energy Efficient Building Tax Deduction Partnership Liability Allocation Regulations and Disguised Sale Regulations (Treas. Reg. 119305-11) "Fractions Rule" regulations (tax-exempt investors and debt-financed real estate) under I.R.C. Sec. 514(c)(9) Like-Kind Exchanges (Sec. 1031), including S. 1631 and Treasury Greenbook proposal Earnings stripping tax proposals, OECD Base Erosion and Profit Shifting Initiative, and Treasury's related regulations under Section 385 REIT preferential dividend rulings Partnership audit reform, implementing regulations Completed contract method of accounting and condominium construction (Section 460(e)) FIRPTA Reform implementing regulations Tax Technical Corrections Act of 2016 (H.R. 6439, S. 3506)

Client expense: $825,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Director of National Intelligence (ODNI), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Aviation Administration (FAA), Federal Bureau of Investigation (FBI), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Internal Revenue Service (IRS), Labor, Dept of (DOL), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation, Dept of (DOT), Treasury, Dept of, White House Office

Corporate Tax Reform Issues S 922, HR 1790, HR 3935- Corporate Tax Dodging Prevention Act HR 415, S 198- Stop Corporate Tax Inversions Act HR 5745- Financial Transaction Tax HR 2889, S 1686- Carried Interest Fairness Act HR 1464, S 1127- Stop Subsidizing Multimillion Corporate Bonus Act Federal income tax exclusion for interest on state and local government public purpose bonds Corporate tax, including rates, loopholes, territorial Repatriation tax rate and requirements S 174, HR 297- Tax on international firms (e.g. Stop Tax Haven Abuse Act, and Schumer-Portman International Tax Plan) HR 1105- Estate tax Earned Income Tax Credit Child Tax Credit Federal tax reform impact on state and local government revenue S 698, HR 2775, Goodlatte draft- State and local tax on internet/remote sales HR 1643, S 851- Digital Goods and Services Tax Fairness Act HR 2584- Business Activity Tax Simplification Act HR 4287- Wireless Tax Fairness Act Earned Income Tax Credit and Child Tax Credit Parity for Puerto Rico

Client expense: $540,000 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Social Security Administration (SSA), Substance Abuse & Mental Health Services Administration (SAMHSA), Treasury, Dept of, White House Office

H.R. 2889 / S. 1686, Carried Interest Fairness Act

Client expense: $30,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 879 - Ax the Tax on Middle Class Americans' Health Plans Act H.R. 1087 - Wireless Telecommunications Tax and Fee Collection Fairness Act of 2015 H.R. 2050 - Middle Class Health Benefits Tax Repeal Act of 2015 H.R. 2775 - Remote Transactions Parity Act of 2015 (to grant states the authority to enforce state and local sales and use tax laws on remote transactions) H.R. 4287 - Wireless Tax Fairness Act of 2015 H.R. 1643 & S. 851 - Digital Goods and Services Tax Fairness Act of 2015 H.R. 2889 & S. 1686 - Carried Interest Fairness Act of 2015 S. 116 - Telephone Excise Tax Elimination Act of 2015 S. 386 - Mobile Workforce State Income Tax Simplification Act of 2015 S. 698 - Marketplace Fairness Act of 2015 (to restore states rights to enforce state and local sales and use tax laws) Debt vs. Equity: Section 385 Treasury Regulations VoIP Sourcing tax legislation/Mobile Telecommunications Sourcing Act technical corrections Online Sales Simplification Act Excise tax on high cost health insurance plans House tax "blueprint" Comprehensive tax reform Corporate tax reform, rates Corporate interest tax deductions Dividend taxation Telecommunications equipment depreciation Like kind exchanges International tax reform

Client expense: $2,480,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Office of Management & Budget (OMB), SENATE, Treasury, Dept of, White House Office

Mortgage Interest Deduction HR6492 - Tax Benefit for Homeownership Clarification Act Small Business Tax Relief HR636 - America's Small Business Tax Relief Act of 2015 Tax Relief for Forgiven Mortgage Debt HR2029 - Consolidated Appropriations Act, 2016 Internet Sales Tax Fairness HR2775 - The Remote Transactions Parity Act of 2015 S698 - The Marketplace Fairness Act of 2015 HR5893 - No Regulation without Representation Act of 2016 Internet Tax Freedom HR235 - Permanent Internet Tax Freedom Act S431 - Internet Tax Freedom Forever Act Empowerment Zones Tax Incentives S408 - Empowering Jobs Act of 2015 Depreciation HR2510 - To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. S1660 - A bill to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. HR2029 - Consolidated Appropriations Act, 2016 Foreign Investment in Real Property Tax Act (FIRPTA) HR34 - Tax Increase Prevention and Real Estate Investment Act of 2015 HR2029 - Consolidated Appropriations Act, 2016 Carried Interest HR2889 - Carried Interest Fairness Act of 2015 S1686 - Carried Interest Fairness Act of 2015 Section 1031 Like-Kind Exchanges HR2844 - Keep Our Pension Promises Act S1631 - Keep Our Pension Promises Act First-time home buyer accounts HR5575 - First-Time Homebuyer Savings Account Act of 2016 S3175 - First-Time Homebuyer Credit Act of 2016 Definition of Derivatives S__ - Modernization of Derivatives Tax Act of 2016 (MODA) Homeowner Association Tax Deductions HR4696 - the HOME Act Low-Income Housing Tax Credits S2962 - Affordable Housing Credit Improvement Act of 2016 Discussions with the House Ways and Means Committee and Senate Finance Committee regarding tax reform priorities.

Client expense: $19,540,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Consumer Financial Protection Bureau (CFPB), Environmental Protection Agency (EPA), Federal Aviation Administration (FAA), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Telecommunications & Information Administration (NTIA), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Geological Survey (USGS), Veterans Affairs, Dept of (VA)

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities or otherwise disadvantaging multifamily real estate relative to other asset classes. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit (while also increasing program resources) and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (6) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. We oppose proposals increasing taxes on capital gains. Finally, we favor: (1) repealing or reforming FIRPTA rules to incent foreign investment in U.S. real estate; and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Republican Tax Reform Blueprint, A Better Way: A Pro-Growth Tax Code for All Americans, all provisions. Energy H.R. 6376, to amend the Internal Revenue Code of 1986 to modify the energy efficient commercial buildings deduction, and for other purposes, all provisions. Supported extension of the Section 45L New Energy Efficient Home Credit, the Section 48 Energy Credit, and the Section 179D Energy Efficient Commercial Buildings Deduction (also favor improving the Commercial Buildings Deduction by establishing a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings). Worker Classification H.R. 5008, Clarify Workers Misclassification in the Construction Industry Act, to direct the Secretary of the Treasury to improve tax compliance in the construction industry, including clarifying the employment status of service providers in the construction industry, and for other purposes, all provisions. Low-Income Housing Tax Credit (LIHTC) S. 2962, Affordable Housing Credit Improvement Act of 2016, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. S. 3237, Affordable Housing Credit Improvement Act of 2016, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. Workforce Housing S. 3384, Middle-Income Housing Tax Credit Act of 2016, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, all provisions. Carried Interest H.R. 2889/S.1686, Carried Interest Fairness Act of 2015, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Partnership Audits P.L. 114-74, Bipartisan Budget Act of 2015, Section 1101, partnership audits and adjustments. H.R. 6439/S.3506, The Tax Technical Corrections Act of 2016, Section 101: Amendments Relating to Protecting Americans From Tax Hike Act of 2015, Exception from Qualified Pension Funds; Title II-Technical Corrections Related to Partnership Audit Rules, all provisions. Tax Regulations Department of the Treasury, Internal Revenue Service TD-9787, Section 707 Regarding Disguised Sales, Generally Department of the Treasury, Internal Revenue Service TD-9798, Liabilities Recognized as Recourse Partnership Liabilities Under Section 752 Department of the Treasury, Internal Revenue Service Proposed REG-122855-15, Liabilities Recognized as Recourse Partnership Liabilities Under Section 752 Department of the Treasury, Internal Revenue Service REG-163113-02, Estate, Gift, and Generation-Skipping Taxes; Restrictions on Liquidation of an Interest

Client expense: $652,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Environmental Protection Agency (EPA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Office of Management & Budget (OMB), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)

HR 1261, Bureau of Consumer Financial Protection Accountability Act of 2015 Commodity End User Relief Act HR 3340 HR 2289, The Commodity End User Relief Act S. 2790, the Financial Institution Customer Protection Act of 2016 S. 2663, the so-called Reforming CFPB Indirect Auto Financing Guidance Act. Investment Advisors Modernization Act of 2016 the SEC Regulatory Accountability Act. HR 5112, Unfair or Deceptive Acts or Practices Uniformity Act HR 4139, the Fostering Innovation Act H.R. 4850, the Micro Offering Improvement Act H.R. 4852, the Private Placement Improvement Act H.R. 4854, the Supporting Americas Innovators Act H.R. 4855, the Fix Crowdfunding Act H.R. 5311, the Corporate Governance Reform and Transparency Act H.R. 5421, the National Securities Exchange Regulatory Parity Act H.R. 5424, the Investment Advisers Modernization Act H.R. 5429, the SEC Regulatory Accountability Act HJ Res 88 HR 5485, The Financial Services and General Government Appropriations Act of 2017 The Financial CHOICE Act H.R. 5211 - CFPB Dual Mandate and Economic Analysis Act HR 2889 Carried Interest Fairness Act HR 2103 -Stop Subsidizing Multimillion Dollar Corporate Bonuses Act HR 4018 - Consumer Protection and Choice Act HR 4737 - State and Tribal Government Sovereignty Protection Act of 2016 S. 1686 Carried Interest Fairness Act Non-profit depository institutions HR 5745 Putting Main Street FIRST Act CEO Bonus Loophole Bank worker issues Postal Banking The Poverty, Opportunity, and Upward Mobility plan Financial Policy Riders Payday Lending Reform CFPB Arbitration Rule/Forced Arbitration Private Equity tax loophole CFPB Defense DoL Fiduciary Rule Title II of the Dodd-Frank Act OCC Chartering of Fintechs H.R. 6392 H.R. 5491 and H.R. 5413 (the CFPB Data Accountability Act) H.R. 5424 H.R. 5063 CFPB status as independent agency Removal protections for CFPB director H.R. 4172 - Credit Access and Inclusion Act PACE Loans Wells Fargo arbitration HR 5982 - Midnight Rules Relief Act

Client expense: $335,275 · Firm income: Not reported

Government targets: Bureau of the Census, Consumer Financial Protection Bureau (CFPB), Education, Dept of, Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Transportation, Dept of (DOT), Treasury, Dept of

H.R. 5983: Financial CHOICE Act of 2016: CFPB Reform Currency Measures: enforcement S. 1127: stop subsidizing multimillion dollar corporations bonuses act HR 2889/ S 1686: Carried interest fairness act of 2015 HR 3054: 21st Century Glass-Steagall Act of 2015 HR 1464: Inclusive Prosperity Act of 2015 S. 1206: Too big to fail, too big to exist Act S. 922: Corporate Tax dodging prevention act Public company disclosure requirements

Client expense: $540,000 · Firm income: Not reported

Government targets: Defense, Dept of (DOD), Export-Import Bank of the United States (EXIM Bank), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Occupational Safety & Health Administration (OSHA), SENATE, Securities & Exchange Commission (SEC), Social Security Administration (SSA), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

Monitor developments related to the carried interest and publicly traded partnerships. Administration's Proposals on carried interest. Clarify enterprise value definition in carried interest legislation including the "Carried Interest Fairness Act of 2015," H.R.2889. Monitor developments related to tax reform.

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Tax reform Carried Interest; including carried interest fairness act of 2015 (HR 2889) Internet sales tax legislation: S. 698 and HR 2775 FIRPTA reform implementing regulations Tax technical corrections

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 37 Promoting Job Creation and Reducing Small Business Burdens Act (Support) H.R. 1023 - Small Business Investment Company Capital Act (Support) S. 552 - Small Business Investment Company Capital Act (Support) H.R. 432 - SBIC Advisers Relief Act (Support) S. 1686 - Carried Interest Fairness Act (Oppose) H.R. 2889 - Carried Interest Fairness Act (Oppose) Pro Small business investment tax incentives (support) Business Development Company (BDC) modernization provisions (support) H.R. 2115 To make permanent rules related to investment by nonresident aliens in business development companies (support) H.R. 686 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act (Support) Financial Services Appropriations bills covering SBA and SEC H.R. 3868 - The Small Business Credit Availability Act H.R. 3784 - The SEC Small Business Advocate Act H.R. 22 - FAST Act, pro SBIC Advisers Relief Act H.R. 2029 - the Protecting Americans from Tax Hikes Act - pro small business tax provisions H.R. 4498/S 978, the Helping Our Angels Lead Our Startups Act (HALOS) H.R. 3868 The Small business Credit Availability Act H.R. 3784/S 2867 Small business Advocate Act H.R. 5424 Investment Advisers Modernization Issues dealing with capital gains exclusion for investments in qualified small businesses Issues dealing with increasing investments by banks in Small Business Investment Companies Issues dealing with data, information technology at SBA for SBICs, modernizing regulations for Business Development Companies General SBIC Program Improvements Pro-Small Business Investor Tax Provisions HR 5968 the Small Business Investment Opportunity Act HR 5969 Investing in Main Street Act of 2016

Client expense: $110,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

H.R.879 - Ax the Tax on Middle Class Americans Health Plans Act; H.R.1087 - Wireless Telecommunications Tax and Fee Collection Fairness Act of 2015; H.R.1643/S.851 - Digital Goods and Services Tax Fairness Act of 2015; H.R.2050 - Middle Class Health Benefit Tax Repeal Act of 2015; H.R.2315/S.386 - Mobile Workforce State Income Tax Simplification Act of 2015; H.R.2775 - Remote transactions Parity Act of 2015 (to grant states the authority to enforce state and local sales and use tax laws on remote transactions); H.R.2889/S.1686 - Carried Interest Fairness Act of 2015; H.R.4287 - Wireless Tax Fairness Act of 2015; H.R. S.116 - Telephone Excise Tax Elimination Act of 2015; and S.698 - Marketplace Fairness Act of 2015 (to restore state rights to enforce state and local sales and use tax laws). General lobbying on the following tax issues and draft legislation: debt versus equity (Section 385 Treasury regulations); VoIP Sourcing tax legislation/Mobile Telecommunications Sourcing Act technical corrections; Online Sales Simplification Act; excise tax on high cost health insurance plans; comprehensive tax reform; corporate tax reform and rates; corporate interest tax deductions; like kind exchanges; international tax reform; dividend taxation; and telecommunications equipment depreciation.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2889, the Carried Interest Fairness Act H.R. 5434, the Investment Advisers Modernization Act Submitted comments to Dept. of Treasury on IRS regulations on inversions and earnings stripping

Client expense: $306,210 · Firm income: Not reported

Government targets: Bureau of Indian Affairs (BIA), Centers For Disease Control & Prevention (CDC), Centers For Medicare and Medicaid Services (CMS), Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), SENATE

S 2800, Stop Taxing Death and Disability Act HR 1285, Eliminating the Hidden Student Loan Tax Act HR 2889, Carried Interest Fairness Act HR 2103, Stop Subsidizing Multimillion Dollar Corporate Bonuses Act S 1908/HR 4109, Protecting Financial Aid for Students and Taxpayers Act S 2272/HR 4101, Protect Our Students and Taxpayers (POST) Act General discussions surrounding IRS Normal Retirement Age regulations

Client expense: $396,206 · Firm income: Not reported

Government targets: Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), SENATE, White House Office

National Coalition for Public Education coalition letter sign-on, in opposition to DC School Voucher Program in FY 2017 Letter to DoE/HHS re UAC treatment (no bill number) H.R.4013 - Equity and Excellence in American Education Act Gender Equity in Education Act (Draft) Improving Child Nutrition Integrity and Access Act of 2016 Improving Child Nutrition and Education Act of 2016 (H.R. 5003) Teacher Diversity HR 711, Equal Treatment of Public Servants Act Private school vouchers, including: HR 4901, SOAR Reauthorization Act and S 2711 Native American Education Opportunity Act S. 3025, Graduate Student Savings Act Student Loan Repayment Simplification Act (no HR number yet) HR 1285, Eliminating the Hidden Student Loan Tax Act HR 2889, Carried Interest Fairness Act HR 2103, Stop Subsidizing Multimillion Dollar Corporate Bonuses Act S 1908/HR 4109, Protecting Financial Aid for Students and Taxpayers Act S 396/HR 747, Proprietary Education Oversight Coordination Improvement Act S 1122/HR 2079, Court Legal Access and Student Support (CLASS) Act S 1165, Protecting Students from Worthless Degrees Act S 1664/HR 3988, Military and Veterans Education Protection Act S 1938/HR 2360, Career-Ready Student Veterans Act S 2037/HR 3512, Pell Grant Restoration Act HR 2192, PRO Students Act S 2098/HR 3992, Students Before Profits Act S 2253/HR 3991, Veterans Education Relief and Restoration Act S 2272/HR 4101, Protect Our Students and Taxpayers (POST) Act HR 4054, Ensuring Quality Education for Veterans Act (Waters) General discussions surrounding Gainful employment regulations General discussions surrounding Borrower Defense to Repayment regulations General discussions surrounding Student loan repayment improvements, including CFPBs Payback Playbook General discussions surrounding Teacher loan forgiveness and Public Service Loan Forgiveness HR 5587 or Perkins strengthening Career and Technical education for the 21st-century act S.3056, CREATES Act General discussions surrounding ESSA Regulations General discussions surrounding ICE Raids H.R.1217, Public Safety and Second Amendment Rights Protection Act and as released as Rep. Thompson amendment H.R.4269, Assault Weapons Ban of 2015 H.R. 5611, Homeland Safety and Security Act and related amendments (Thompson) S 2859, College Access Act Promoting Access and Retention Through New Efforts to Require Shared Higher Investments in Postsecondary Success (PARTNERSHIPS) Act (no bill number yet)

Client expense: $396,206 · Firm income: Not reported

Government targets: Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), SENATE, White House Office

National Coalition for Public Education coalition letter sign-on, in opposition to DC School Voucher Program in FY 2017 Letter to DoE/HHS re UAC treatment (no bill number) H.R.4013 - Equity and Excellence in American Education Act Gender Equity in Education Act (Draft) Improving Child Nutrition Integrity and Access Act of 2016 Improving Child Nutrition and Education Act of 2016 (H.R. 5003) Teacher Diversity HR 711, Equal Treatment of Public Servants Act Private school vouchers, including: HR 4901, SOAR Reauthorization Act and S 2711 Native American Education Opportunity Act S. 3025, Graduate Student Savings Act Student Loan Repayment Simplification Act (no HR number yet) HR 1285, Eliminating the Hidden Student Loan Tax Act HR 2889, Carried Interest Fairness Act HR 2103, Stop Subsidizing Multimillion Dollar Corporate Bonuses Act S 1908/HR 4109, Protecting Financial Aid for Students and Taxpayers Act S 396/HR 747, Proprietary Education Oversight Coordination Improvement Act S 1122/HR 2079, Court Legal Access and Student Support (CLASS) Act S 1165, Protecting Students from Worthless Degrees Act S 1664/HR 3988, Military and Veterans Education Protection Act S 1938/HR 2360, Career-Ready Student Veterans Act S 2037/HR 3512, Pell Grant Restoration Act HR 2192, PRO Students Act S 2098/HR 3992, Students Before Profits Act S 2253/HR 3991, Veterans Education Relief and Restoration Act S 2272/HR 4101, Protect Our Students and Taxpayers (POST) Act HR 4054, Ensuring Quality Education for Veterans Act (Waters) General discussions surrounding Gainful employment regulations General discussions surrounding Borrower Defense to Repayment regulations General discussions surrounding Student loan repayment improvements, including CFPBs Payback Playbook General discussions surrounding Teacher loan forgiveness and Public Service Loan Forgiveness HR 5587 or Perkins strengthening Career and Technical education for the 21st-century act S.3056, CREATES Act General discussions surrounding ESSA Regulations General discussions surrounding ICE Raids H.R.1217, Public Safety and Second Amendment Rights Protection Act and as released as Rep. Thompson amendment H.R.4269, Assault Weapons Ban of 2015 H.R. 5611, Homeland Safety and Security Act and related amendments (Thompson) S 2859, College Access Act Promoting Access and Retention Through New Efforts to Require Shared Higher Investments in Postsecondary Success (PARTNERSHIPS) Act (no bill number yet)

Client expense: $396,206 · Firm income: Not reported

Government targets: Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), SENATE, White House Office

S 2800, Stop Taxing Death and Disability Act HR 1285, Eliminating the Hidden Student Loan Tax Act HR 2889, Carried Interest Fairness Act HR 2103, Stop Subsidizing Multimillion Dollar Corporate Bonuses Act S 1908/HR 4109, Protecting Financial Aid for Students and Taxpayers Act S 2272/HR 4101, Protect Our Students and Taxpayers (POST) Act General discussions surrounding IRS Normal Retirement Age regulations

Client expense: $396,206 · Firm income: Not reported

Government targets: Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), SENATE, White House Office

H.R. 2889, the Carried Interest Fairness Act H.R. 5434, the Investment Advisers Modernization Act Submitted comments to Dept. of Treasury on IRS regulations on inversions and earnings stripping

Client expense: $306,210 · Firm income: Not reported

Government targets: Bureau of Indian Affairs (BIA), Centers For Disease Control & Prevention (CDC), Centers For Medicare and Medicaid Services (CMS), Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), SENATE

NETWORK strongly supports H.R. 902,the Earned Income Tax Credit Improvement and Simplification Act 2015, to expand the Earned Income Tax Credit to include single adults not raising children, the only group of people who are taxed into poverty. NETWORK supports S.1193 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program. NETWORK strongly supports S.198 - Stop Corporate Inversions Act of 2015 - which would close the tax loopholes that promote the off-shoring of profits by U.S. corporations. NETWORK strongly supports the Obama Administration's rules to curb inversion transactions that erode the corporate tax base and unfairly place a larger burden on all other taxpayers, including small businesses and hard-working Americans. NETWORK strongly believes that the Social Security Disability Insurance should be fully funded to protect individuals that are receiving this critical benefit. NETWORK believes that wealthy individuals and corporations should pay their fair share of taxes. NETWORK supports the Sensible Estate Tax Act which calls on the wealthy to pay their fair share of taxes at the time of death. NETWORK supports the Putting Main Street FIRST Act which would levy a 0.03 percent tax on transactions of stocks, bonds and derivatives to discourage speculative financial trading. NETWORK supports H.R. 2889, the Carried Interest Fairness Act of 2015, that would close the tax loophole which allows wealthy Americans to avoid paying their fair share of taxation. NETWORK supports HR 3970, The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act which would cap the tax deductibility of CEO pay at $1 million. NETWORK strongly supports the Treasury Department's rule on the Treatment of Certain Interests in Corporations as Stock or Indebtedness, also know as the "earning stripping" rule. NETWORK supports efforts by the Financial Accounting Standards Board (FASB) to improve standards for income tax disclosure by companies to expand transparency regarding foreign tax and earnings.

Client expense: $95,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, State, Dept of (DOS), Treasury, Dept of, U.S. Customs & Border Protection, U.S. Trade Representative (USTR), White House Office

H.R. 37 Promoting Job Creation and Reducing Small Business Burdens Act (Support) H.R. 1023 - Small Business Investment Company Capital Act (Support) S. 552 - Small Business Investment Company Capital Act (Support) H.R. 432 - SBIC Advisers Relief Act (Support) S. 1686 - Carried Interest Fairness Act (Oppose) H.R. 2889 - Carried Interest Fairness Act (Oppose) Pro Small business investment tax incentives (support) Business Development Company (BDC) modernization provisions (support) H.R. 2115 To make permanent rules related to investment by nonresident aliens in business development companies (support) H.R. 686 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act (Support) Financial Services Appropriations bills covering SBA and SEC H.R. 3868 - The Small Business Credit Availability Act H.R. 3784 - The SEC Small Business Advocate Act H.R. 22 - FAST Act, pro SBIC Advisers Relief Act H.R. 2029 - the Protecting Americans from Tax Hikes Act - pro small business tax provisions H.R. 4498/S 978, the Helping Our Angels Lead Our Startups Act (HALOS) H.R. 3868 The Small business Credit Availability Act H.R. 3784/S 2867 Small business Advocate Act H.R. 5424 Investment Advisers Modernization Issues dealing with capital gains exclusion for investments in qualified small businesses Issues dealing with increasing investments by banks in Small Business Investment Companies Issues dealing with data, information technology at SBA for SBICs, modernizing regulations for Business Development Companies General SBIC Program Improvements Pro-Small Business Investor Tax Provisions HR 5968 the Small Business Investment Opportunity Act HR 5969 Investing in Main Street Act of 2016

Client expense: $110,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

Carried Interest/Enterprise Value Regulation of passive investment in U.S. securities and other assets by non-U.S. investors. Tax reform in non-U.S. jurisdictions. Pending legislation on international tax reform. Management and Control Unrelated Business Income Tax (UBIT) Legislative oversight of implementation of rules under 871(m) of the Tax Code. Oversight of 305(c) Implementation H.R. 2889 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. S.1686 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. H.R. 1314 - the Bipartisan Budget Act of 2015 - To amend the Internal Revenue Code of 1986 to provide for a right to an administrative appeal relating to adverse determinations of tax-exempt status of certain organizations. (partnership audit provisions) An Amendment to H.R. 2029 - the Consolidated Appropriations Act, 2016 (omnibus appropriations - partnership audit provisions) OECD BEPS Tax Treaty Project.

Client expense: $960,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities or otherwise disadvantaging multifamily real estate relative to other asset classes. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit (while also increasing program resources) and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (6) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. We oppose proposals increasing taxes on capital gains. Finally, we favor: (1) repealing or reforming FIRPTA rules to incent foreign investment in U.S. real estate; and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Republican Tax Reform Blueprint, A Better Way: A Pro-Growth Tax Code for All Americans, all provisions. Rep. Renacci, Simplifying America's Tax System Act of 2016, all provisions. Discussion Draft released by Senator Wyden, Cost Recovery Reform and Simplification Act of 1986, to amend the Internal Revenue Code of 1986 to modify rules relating to cost recovery, all provisions. Discussion Draft released by Senator Wyden, Modernization of Derivatives Tax Act of 2016, to amend the Internal Revenue Code of 1986 to modernize the tax treatment of derivatives and their underlying investments, and for other purposes, all provisions. Energy H.R. 5167, Technologies for Energy Security Act, to amend the Internal Revenue Code of 1986 to extend the credit for residential energy efficient property and the energy credit, Section 3: Extension of Energy Credit. Supported multi-year extension of Section 179D Energy Efficient Commercial Buildings Deduction (with the bipartisan refinements to the provision included in S. 1946, the Tax Relief Extension Act of 2015). Supported extension of the Section 45L New Energy Efficient Home Credit and the Section 48 Energy Credit. Low-Income Housing Tax Credit (LIHTC) S. 2962, Affordable Housing Credit Improvement Act of 2016, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. S. 3237, Affordable Housing Credit Improvement Act of 2016, to amend the Internal Revenue Code of 1986 to reform the low-income housing tax credit, and for other purposes, all provisions. Workforce Housing S. 3384, Middle-Income Housing Tax Credit Act of 2016, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, all provisions. Housing Affordability tax incentives (including developer tax incentives and bond preservation possibilities) S. 3175, First-Time Homebuyer Credit Act of 2016, to amend the Internal Revenue Code of 1986 to create a refundable first-time homebuyer tax credit, all provisions. Carried Interest H.R. 2889/S.1686, Carried Interest Fairness Act of 2015, to amend the Internal Revenue Code of 1986to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Partnership Audits P.L. 114-74, Bipartisan Budget Act of 2015, Section 1101, partnership audits and adjustments. Tax Regulations Department of the Treasury, Internal Revenue Service REG-108060-15, Treatment of Certain Interests in Corporations as Stock or Indebtedness Department of the Treasury, Internal Revenue Service REG-163113-02, Estate, Gift, and Generation-Skipping Taxes; Restrictions on Liquidation of an Interest

Client expense: $490,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Environmental Protection Agency (EPA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Office of Management & Budget (OMB), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Postal Service (USPS)

S. 1484, Financial Regulatory Improvement Act. Closing the IRS 162(m) loophole. H.R. 381, Return to Prudent Banking Act of 2015. H.R. 3054/ S. 1709, 21st Century Glass-Steagall Act of 2015. H.R. 1464/ S. 1371, Inclusive Prosperity Act of 2015. H.R. 2889/ S. 1686, Carried Interest Fairness Act. H.R. 2103/ S. 1127, Stop Subsidizing Million Dollar Bonuses Act. H.R. 5745, Putting Main Street FIRST Act. Offshore Subsidiary Disclosure Rules (SEC). SEC Corporate Political Disclosure Rulemaking.

Client expense: $320,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Defense, Dept of (DOD), Executive Office of the President (EOP), Federal Aviation Administration (FAA), Federal Motor Carrier Safety Administration, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Internal Revenue Service (IRS), Labor, Dept of (DOL), Pension Benefit Guaranty Corporation (PBGC), President of the U.S., SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), U.S. Trade Representative (USTR), White House Office

H.R. 2889, the Carried Interest Fairness Act H.R. 5434, the Investment Advisers Modernization Act Submitted comments to Dept. of Treasury on IRS regulations on inversions and earnings stripping

Client expense: $306,210 · Firm income: Not reported

Government targets: Bureau of Indian Affairs (BIA), Centers For Disease Control & Prevention (CDC), Centers For Medicare and Medicaid Services (CMS), Education, Dept of, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), SENATE

Small Business Tax Relief HR636 - America's Small Business Tax Relief Act of 2015 Tax Relief for Forgiven Mortgage Debt HR2029 - Consolidated Appropriations Act, 2016 Internet Sales Tax Fairness HR2775 - The Remote Transactions Parity Act of 2015 S698 - The Marketplace Fairness Act of 2015 HR5893 - No Regulation without Representation Act of 2016 Internet Tax Freedom HR235 - Permanent Internet Tax Freedom Act S431 - Internet Tax Freedom Forever Act Empowerment Zones Tax Incentives S408 - Empowering Jobs Act of 2015 Depreciation HR2510 - To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. S1660 - A bill to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation. HR2029 - Consolidated Appropriations Act, 2016 Foreign Investment in Real Property Tax Act (FIRPTA) HR34 - Tax Increase Prevention and Real Estate Investment Act of 2015 HR2029 - Consolidated Appropriations Act, 2016 Carried Interest HR2889 - Carried Interest Fairness Act of 2015 S1686 - Carried Interest Fairness Act of 2015 Section 1031 Like-Kind Exchanges HR2844 - Keep Our Pension Promises Act S1631 - Keep Our Pension Promises Act First-time home buyer accounts HR5575 - First-Time Homebuyer Savings Account Act of 2016 S3175 - First-Time Homebuyer Credit Act of 2016 Definition of Derivatives S__ - Modernization of Derivatives Tax Act of 2016 (MODA) Homeowner Association Tax Deductions HR4696 - the HOME Act Low-Income Housing Tax Credits S2962 - Affordable Housing Credit Improvement Act of 2016 Discussions with the House Ways and Means Committee and the Senate Finance Committee regarding extending the Section 179-D Energy Efficient Commercial Buildings deduction.

Client expense: $23,800,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Telecommunications & Information Administration (NTIA), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, U.S. Forest Service, Veterans Affairs, Dept of (VA), White House Office

H.R. 879 - Ax the Tax on Middle Class Americans' Health Plans Act H.R. 1087 - Wireless Telecommunications Tax and Fee Collection Fairness Act of 2015 H.R. 2050 - Middle Class Health Benefits Tax Repeal Act of 2015 H.R. 2775 - Remote Transactions Parity Act of 2015 (to grant states the authority to enforce state and local sales and use tax laws on remote transactions) H.R. 4287 - Wireless Tax Fairness Act of 2015 H.R. 1643 & S. 851 - Digital Goods and Services Tax Fairness Act of 2015 H.R. 2889 & S. 1686 - Carried Interest Fairness Act of 2015 S. 116 - Telephone Excise Tax Elimination Act of 2015 H.R. 2315 & S. 386 - Mobile Workforce State Income Tax Simplification Act of 2015 S. 698 - Marketplace Fairness Act of 2015 (to restore states rights to enforce state and local sales and use tax laws) Debt vs. Equity: Section 385 Treasury Regulations VoIP Sourcing tax legislation/Mobile Telecommunications Sourcing Act technical corrections Online Sales Simplification Act Excise tax on high cost health insurance plans Comprehensive tax reform Corporate tax reform, rates Corporate interest tax deductions Dividend taxation Telecommunications equipment depreciation Like kind exchanges International tax reform

Client expense: $2,180,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Office of Management & Budget (OMB), SENATE, Treasury, Dept of, White House Office

The Carried Interest Fairness Act, HR 2889, S 1689; Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, S. 1127, HR 2103.

Client expense: $10,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Consumer Product Safety Commission (CPSC), Education, Dept of, Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR)

HR 1270- Bill to increase repayments of ACA tax credits and expand health savings accounts Corporate Tax Reform Issues, including rates, loopholes, territorial S 922, HR 1790, HR 3935- Corporate Tax Dodging Prevention Act HR 415, S 198- Stop Corporate Tax Inversions Act Financial Transaction Tax HR 2889, S 1686- Carried Interest Fairness Act HR 1464, S 1127- Stop Subsidizing Multimillion Corporate Bonus Act Federal income tax exclusion for interest on state and local government public purpose bonds Repatriation tax rate and rules S 174, HR 297- Tax on international firms (e.g. Stop Tax Haven Abuse Act and Schumer-Portman International Tax Plan) Earned Income Tax Credit; Child Tax Credit Federal tax reform impact on state and local government revenue S 698, HR 2775, Omnibus, Goodlatte discussion draft- State and local tax on internet, remote sales HR 1643, S 851- Digital Goods and Services Tax Fairness Act HR 2584- Business Activity Tax Simplification Act State and local tax on wireless phone services

Client expense: $620,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Social Security Administration (SSA), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Tax reform Carried Interest; including carried interest fairness act of 2015 (HR 2889) Internet sales tax legislation: S. 698 and HR 2775 FIRPTA reform implementing regulations Tax technical corrections

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Non-recourse carve-out provisions and IRS Chief Counsel Advice Estate tax regulations under Section 2704 Tax Reform, including House Republican tax reform blueprint Carried Interest, including Carried Interest Fairness Act of 2015 (H.R. 2889) Internet sales tax legislation: S. 698 and H.R. 2775 179D Energy Efficient Building Tax Deduction Partnership Liability Allocation Regulations and Disguised Sale Regulations (Treas. Reg. 119305-11) "Fractions Rule" regulations (tax-exempt investors and debt-financed real estate) under I.R.C. Sec. 514(c)(9) Like-Kind Exchanges (Sec. 1031), including S. 1631 and Treasury Greenbook proposal Earnings stripping tax proposals, OECD Base Erosion and Profit Shifting Initiative, and Treasury's related regulations under Section 385 REIT preferential dividend rulings Partnership audit reform, implementing regulations Completed contract method of accounting and condominium construction (Section 460(e)) FIRPTA Reform implementing regulations Tax technical corrections

Client expense: $1,038,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Director of National Intelligence (ODNI), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Aviation Administration (FAA), Federal Bureau of Investigation (FBI), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Internal Revenue Service (IRS), Labor, Dept of (DOL), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation, Dept of (DOT), Treasury, Dept of, White House Office

H.R. 2889 / S. 1686, Carried Interest Fairness Act

Client expense: $30,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Monitor developments related to the carried interest and publicly traded partnerships. Administration's Proposals on carried interest. Clarify enterprise value definition in carried interest legislation including the "Carried Interest Fairness Act of 2015," H.R.2889. Monitor developments related to tax reform.

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Financial Speculations Tax Carried Interest loophole HR 2889/S. 1689 CEO Bonus loophole S. 1127/HR 2103 Bank worker bonuses - Wells Fargo sales quotas General Bank Worker issues

Client expense: $175,000 · Firm income: Not reported

Government targets: Federal Aviation Administration (FAA), HOUSE OF REPRESENTATIVES, SENATE, Transportation Security Administration (TSA), Transportation, Dept of (DOT)

Financial Speculations Tax Carried Interest loophole HR 2889/S. 1689 CEO Bonus loophole S. 1127/HR 2103

Client expense: $175,000 · Firm income: Not reported

Government targets: Federal Aviation Administration (FAA), HOUSE OF REPRESENTATIVES, SENATE, Transportation Security Administration (TSA), Transportation, Dept of (DOT)

Financial Speculations Tax Carried Interest loophole HR 2889/S. 1689 CEO Bonus loophole S. 1127/HR 2103

Client expense: $175,000 · Firm income: Not reported

Government targets: Federal Aviation Administration (FAA), HOUSE OF REPRESENTATIVES, SENATE, Transportation Security Administration (TSA), Transportation, Dept of (DOT)

H.R.235 - Permanent Internet Tax Freedom Act; H.R.879 - Ax the Tax on Middle Class Americans Health Plans Act; H.R.1087 - Wireless Telecommunications Tax and Fee Collection Fairness Act of 2015; H.R.1643/S.851 - Digital Goods and Services Tax Fairness Act of 2015; H.R.2050 - Middle Class Health Benefit Tax Repeal Act of 2015; H.R.2775 - Remote transactions Parity Act of 2015 (to grant states the authority to enforce state and local sales and use tax laws on remote transactions); H.R.2889/S.1686 - Carried Interest Fairness Act of 2015; H.R.4287 - Wireless Tax Fairness Act of 2015; H.R. S.116 - Telephone Excise Tax Elimination Act of 2015; S.386 - Mobile Workforce State Income Tax Simplification Act of 2015; and S.698 - Marketplace Fairness Act of 2015 (to restore state rights to enforce state and local sales and use tax laws). General lobbying on the following tax issues and draft legislation: debt versus equity (Section 385 Treasury regulations); VoIP Sourcing tax legislation/Mobile Telecommunications Sourcing Act technical corrections; Online Sales Simplification Act; excise tax on high cost health insurance plans; wireless tax fairness; corporate tax reform and rates; corporate interest tax deductions; international tax reform; dividend taxation; and telecommunications equipment depreciation.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 4723- repayments of Affordable Care Act tax credits when income/family situation changes ACA and tax treatment of health care, alternatives to the ACA, ending the tax exclusion for employer-provided health care, policies to rein in prescription drug costs HR 1270- bill to increase repayments of ACA tax credits and expand health savings accounts Financial Transaction Tax HR 2889, S 1686- Carried Interest Fairness Act HR 1464, S 1127- Stop Subsidizing Multimillion Corporate Bonus Act Tax extenders, including Active Financing Exception; CFC Look-Through Rule; Research and Experimentation Tax Credit; Bonus Depreciation; Section 179 Expensing Federal income tax exclusion for interest on state and local government public purpose bonds Corporate tax, including rates, loopholes, territorial Repatriation tax rate and rules S 174, HR 297- Tax on international firms (e.g. Stop Tax Haven Abuse Act and Schumer-Portman International Tax Plan) S 198, HR 415- Tax on inversions (e.g. Stop Corporate Inversions Act) Federal tax reform impact on state and local government revenue S 698, HR 2775, Omnibus- State and local tax on internet/remote sales HR 1643, S 851- Digital Goods and Services Tax Fairness Act HR 2584- Business Activity Tax Simplification Act S 386, HR 2315- Mobile Workforce State Income Tax Simplification Act State and local tax on wireless phone services S 790- Economic Freedom Zones Act of 2015

Client expense: $660,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Social Security Administration (SSA), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

The Carried Interest Fairness Act, HR 2889, S 1689; Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, S. 1127, HR 2103.

Client expense: $20,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Consumer Product Safety Commission (CPSC), Council on Environmental Quality (CEQ), Education, Dept of, Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Natl Security Council (NSC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR)

Carried Interest/Enterprise Value Regulation of passive investment in U.S. securities and other assets by non-U.S. investors. Tax reform in non-U.S. jurisdictions. Pending legislation on international tax reform. Management and Control Unrelated Business Income Tax (UBIT) Legislative oversight of implementation of rules under 871(m) of the Tax Code. H.R. 2821 - To amend the Internal Revenue Code of 1986 to reform partnership audit rules. H.R. 2889 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. S.1686 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. H.R. 1314 - the Bipartisan Budget Act of 2015 - To amend the Internal Revenue Code of 1986 to provide for a right to an administrative appeal relating to adverse determinations of tax-exempt status of certain organizations. (partnership audit provisions) An Amendment to H.R. 2029 - the Consolidated Appropriations Act, 2016 (omnibus appropriations - partnership audit provisions) OECD BEPS Tax Treaty Project.

Client expense: $1,130,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of