S.1212 - Promotion and Expansion of Private Employee Ownership Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Cardin, Benjamin L. [D-MD] (Introduced 05/06/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/06/2015 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1212 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (05/06/2015)
Promotion and Expansion of Private Employee Ownership Act of 2015
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 Department 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.