H.R.2088 - ESOP Promotion and Improvement Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Ballenger, Cass [R-NC-10] (Introduced 05/12/1993)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/12/1993 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2088 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (05/12/1993)
ESOP Promotion and Improvement Act of 1993 - Amends the Internal Revenue Code to allow S corporations (certain small business corporations) to participate in employee stock ownership plans (ESOPs).
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.
Allows the deductibility of ESOP dividends in computing alternative minimum tax.
Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event.