H.R.3586 - S Corporation ESOP Promotion and Expansion Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Kind, Ron [D-WI-3] (Introduced 09/16/2009)|
|Committees:||House - Ways and Means; Education and Labor|
|Latest Action:||11/16/2009 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3586 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (09/16/2009)
S Corporation ESOP Promotion and Expansion Act of 2009 - Amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP); (2) allow a tax deduction for interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities; (3) transfer liability for payment of estate tax on transfers of employer securities to an S corporation-sponsored ESOP from the estate executor to the ESOP; and (4) allow an estate tax deduction for 50% of the proceeds from the sale of employer securities to an S corporation-sponsored ESOP.
Directs the Secretary of Labor to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.