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Chris Rank/Bloomberg via Getty Images

ADT, a Florida-based home security company owned by Apollo Global Management, has filed for a $100 million IPO (placeholder figure, with Renaissance Capital estimating it could raise $1.5 billion).

Why it matters: This could be private equity's first test case under the new tax regime. For starters: How will Apollo and the IRS determine when the clock begins on carried interest, given that Apollo acquired ADT just last year, but merged it with a pair of smaller companies it acquired in July 2015? Either way, expect Apollo to hold onto more shares than it would have under current tax law, given that even the original purchases came within the new three-year window for carry consideration.

Also: ADT/Apollo may feel new pressure to use proceeds to pay down debt, due to new interest deductibility limits. The company's $296 million net loss for the first nine months of 2017 was driven by $554 million in interest payments (which, in turn, was partially driven by a large dividend Apollo already took).

  • Deal details: ADT plans to trade on the NYSE under ticker ADT, with Morgan Stanley and Goldman Sachs serving as lead managers.
  • Bottom line: "ADT, which traces its roots to the American District Telegraph Co., makes security products ranging from burglar-alarm systems to wireless cameras for homes and businesses. It has worked to position itself as a player in the so-called smart-home market, which aims to connect consumers wirelessly to various household devices." — Maria Armental, WSJ

Go deeper

Jan. 6 panel subpoenas 2 far-right "America First" activists

The House panel investigating the Capitol riot, from left; Reps. Bennie Thompson, Liz Cheney, Adam Kinzinger and Jamie Raskin on Capitol Hill in December. Photo: Drew Angerer/Getty Images

The House select committee investigating the Capitol riot issued subpoenas Wednesday for far-right leaders Nick Fuentes and Patrick Casey, who allegedly encouraged followers to go to D.C. and challenge the 2020 election results.

Why it matters: The action underscores the panel's increasing focus on rallies held ahead of the Capitol attack and how extremists were drawn to former President Trump's baseless claims of widespread voter fraud, per the New York Times.

Democrats fail to change Senate rules to pass voting rights bill

Senate Majority Leader during a news conference in Washington, D.C., on Wednesday. Photo: Alex Wong/Getty Images

Democrats failed Wednesday night to change Senate filibuster rules to pass the voting rights bill, with Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.) voting with Republicans.

The big picture: The failed effort came after Senate Republicans blocked the voting rights measure from coming to a final vote earlier Wednesday.

Updated 4 hours ago - Politics & Policy

Supreme Court rejects Trump's attempt to shield documents from Jan. 6 committee

Photo: Melissa Sue Gerrits/Getty Images

The Supreme Court rejected on Wednesday night a bid by former President Trump to block the release of documents and records from his administration to the House committee investigating the Jan. 6 riot at the Capitol.

Why it matters: Trump asked the Supreme Court to step in and block the release of the documents last month after a panel on the U.S. Court of Appeals for the D.C. Circuit unanimously denied his attempt to prevent the committee from obtaining the materials.