H.R.2410 - ESOP Promotion and Improvement Act of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. Anthony, Beryl, Jr. [D-AR-4] (Introduced 05/21/1991)|
|Committees:||House - Energy and Commerce; Ways and Means|
|Latest Action:||House - 05/31/1991 Referred to the Subcommittee on Telecommunications and Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.2410 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (05/21/1991)
ESOP Promotion and Improvement Act of 1991 - 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.
Permits ESOP participants whose compensation does not exceed a certain amount to contribute up to 50 percent of it to the plan.
Allows ESOP closely-held corporate sponsors to pay estate tax if an estate transferred the stock of the corporation to an ESOP.
Provides that ESOPs and cash or deferred arrangement plans may be combined for the benefit of employees.
Amends the Securities Exchange Act of 1934 to allow employees additional time to bid for ownership of their employer if foreign interests are trying to buy such employer.