S.1512 - Promotion and Expansion of Private Employee Ownership Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Cardin, Benjamin L. [D-MD] (Introduced 09/06/2011)|
|Committees:||Senate - Finance|
|Latest Action:||09/06/2011 Read twice and referred to the Committee on Finance.|
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Summary: S.1512 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (09/06/2011)
Promotion and Expansion of Private Employee Ownership Act of 2011 - Amends the Internal Revenue Code to 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).
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.