ACCESS Act

The ACCESS Act modifies tax rules to treat publicly traded partnerships more like corporations for specific income and asset tests, provided that individual owners hold less than 5% of the partnership. It eliminates special restrictions that previously applied to passive activities and changes how certain partnership sales are classified for tax purposes. Additionally, the bill adjusts withholding requirements for partnership interests that are regularly traded on established securities exchanges. These changes are designed to simplify tax treatment for investors in publicly traded partnerships and take effect for taxable years beginning after December 31, 2026.