H.R.1244 - Promotion and Expansion of Private Employee Ownership Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Reichert, David G. [R-WA-8] (Introduced 03/29/2011)|
|Committees:||House - Ways and Means; Education and the Workforce; Small Business|
|Latest Action:||House - 04/15/2011 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. (All Actions)|
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Summary: H.R.1244 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (03/29/2011)
Promotion and Expansion of Private Employee Ownership Act of 2011 - 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); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.
Directs the Secretary of the Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
Amends the Small Business Act to define "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.