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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Employee Ownership Act of 2003

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to provide incentives for the ownership and control of corporations by employees.

Actions Overview (1)

Date Actions Overview
02/25/2003Introduced in House

All Actions (2)

Date All Actions
02/25/2003Referred to the House Committee on Ways and Means.
Action By: House of Representatives
02/25/2003Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
House Ways and Means02/25/2003 Referred to

No related bill information was received for H.R.913.

Latest Summary (1)

There is one summary for H.R.913. View summaries

Shown Here:
Introduced in House (02/25/2003)

Employee Ownership Act of 2003 - Declares the policy of the United States that, by the year 2010, 30 percent of all U.S. corporations shall be owned and controlled by their employees.

Amends the Internal Revenue Code to provide for tax-exempt employee-owned and employee-controlled corporation (EOECC) trusts whose primary assets consist of the employer securities of an EOECC.

Declares that: (1) there shall be no tax on the corporate income of an EOECC; and (2) the gross income of an employee owner shall not include any proceeds from the qualified sale of EOECC securities.

Exempts from inclusion in gross income of property transferred in connection with performance of services any transfer (in lieu of compensation) of EOECC securities during the three years following a corporation's election to become an EOECC.

Mandates nonrecognition of gain in the case of the sale or transfer of EOECC securities to an EOECC trust.

Establishes a credit against the estate tax for the amount of EOECC securities considered to have been acquired from or to have passed from a decedent to an EOECC trust.

Directs the Comptroller General to study and report to Congress on Federal regulations and policies affecting EOECCs.

Directs the President to establish a Presidential Commission on Employee Ownership to study and report on all issues that affect ownership of businesses in the United States, with a primary focus on the issues that affect employee ownership of such businesses.