H.R. 9841 — ACCESS Act

This section excludes from unrelated business taxable income any income, gain, deduction, loss, or credit attributable to publicly traded classes of units in a publicly traded partnership when the beneficial owner holds less than 5 percent of the partnership’s capital or profits. It removes the 25 percent asset test limitation for regulated investment companies. It eliminates the separate passive activity loss rules applicable to publicly traded partnerships. It excepts sales of regularly traded partnership interests held at 10 percent or less from treatment as effectively connected income. The changes apply to taxable years beginning after December 31, 2026.