H.R.4226 - ESOP Promotion and Improvement Act of 1990101st Congress (1989-1990)
|Committees:||House - Ways and Means; House Administration|
|Latest Action:||House - 03/14/1990 Referred to the Subcommittee on Elections. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4226 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (03/08/1990)
ESOP Promotion and Improvement Act of 1990 - Amends the Internal Revenue Code to allow S corporations (certain small business corporations) to participate in employee stock ownership plans (ESOPs).
Extends the ESOP exception to the ten percent early withdrawal penalty tax to certain ESOP distributions to employees made at any time. (Currently the exception applies only to distributions made before January 1, 1990.)
Permits ESOP participants whose compensation does not exceed a certain amount to contribute up to 50 percent of it to the plan.
Amends the Federal Election Campaign Act of 1971 to permit payroll deductions for ESOP participants to make certain political contributions.