H.R.5207 - Employee Stock Ownership Plan Promotion and Improvement Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Boustany, Charles W., Jr. [R-LA-7] (Introduced 05/05/2010)|
|Committees:||House - Small Business; Ways and Means|
|Latest Action:||05/05/2010 Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.|
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Summary: H.R.5207 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (05/05/2010)
Employee Stock Ownership Plan Promotion and Improvement Act of 2010 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOPs sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; and (5) modify certain ESOP stock ownership rules.
Amends the Small Business Act to allow a majority-owned ESOP business concern to continue to qualify for loans, preferences, and other programs under such Act.