S.1589 - Promotion and Expansion of Private Employee Ownership Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Roberts, Pat [R-KS] (Introduced 07/19/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/19/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1589 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (07/19/2017)
Promotion and Expansion of Private Employee Ownership Act of 2017
This bill 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).
The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
The 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.