S.742 - Promotion and Expansion of Private Employee Ownership Act of 2013113th Congress (2013-2014)
|Sponsor:||Sen. Cardin, Benjamin L. [D-MD] (Introduced 04/16/2013)|
|Committees:||Senate - Finance|
|Latest Action:||04/16/2013 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.742 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (04/16/2013)
Promotion and Expansion of Private Employee Ownership Act of 2013 - 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 employee 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.