H.R.2092 - Promotion and Expansion of Private Employee Ownership Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Reichert, David G. [R-WA-8] (Introduced 04/12/2017)|
|Committees:||House - Ways and Means; Education and the Workforce; Small Business|
|Latest Action:||House - 04/12/2017 Referred to House Small Business (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2092 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (04/12/2017)
Promotion and Expansion of Private Employee Ownership Act of 2017
This bill 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 employee 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.
The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
This bill also 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.