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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Promotion and Expansion of Private Employee Ownership Act of 2017

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.

Actions Overview (1)

Date Actions Overview
07/19/2017Introduced in Senate

All Actions (1)

Date All Actions
07/19/2017Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (39)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Cardin, Benjamin L. [D-MD]* 07/19/2017
Sen. Whitehouse, Sheldon [D-RI]* 07/19/2017
Sen. Stabenow, Debbie [D-MI]* 07/19/2017
Sen. Blunt, Roy [R-MO]* 07/19/2017
Sen. Gillibrand, Kirsten E. [D-NY]* 07/19/2017
Sen. Collins, Susan M. [R-ME]* 07/19/2017
Sen. Grassley, Chuck [R-IA]* 07/19/2017
Sen. Klobuchar, Amy [D-MN]* 07/19/2017
Sen. Casey, Robert P., Jr. [D-PA]* 07/19/2017
Sen. Franken, Al [D-MN]* 07/19/2017
Sen. Portman, Rob [R-OH]* 07/19/2017
Sen. Crapo, Mike [R-ID]* 07/19/2017
Sen. Thune, John [R-SD]* 07/19/2017
Sen. Tester, Jon [D-MT]* 07/19/2017
Sen. Brown, Sherrod [D-OH]* 07/19/2017
Sen. Risch, James E. [R-ID]* 07/19/2017
Sen. Moran, Jerry [R-KS]* 07/19/2017
Sen. Cantwell, Maria [D-WA]* 07/19/2017
Sen. Isakson, Johnny [R-GA]* 07/19/2017
Sen. Baldwin, Tammy [D-WI]* 07/19/2017
Sen. Peters, Gary C. [D-MI]* 07/19/2017
Sen. McCaskill, Claire [D-MO] 07/20/2017
Sen. Hoeven, John [R-ND] 09/11/2017
Sen. Fischer, Deb [R-NE] 09/13/2017
Sen. King, Angus S., Jr. [I-ME] 10/03/2017
Sen. Coons, Christopher A. [D-DE] 10/05/2017
Sen. Donnelly, Joe [D-IN] 10/19/2017
Sen. Ernst, Joni [R-IA] 10/19/2017
Sen. Murray, Patty [D-WA] 10/23/2017
Sen. Reed, Jack [D-RI] 11/09/2017
Sen. Daines, Steve [R-MT] 02/27/2018
Sen. Kennedy, John [R-LA] 04/25/2018
Sen. Tillis, Thom [R-NC] 05/21/2018
Sen. Leahy, Patrick J. [D-VT] 05/22/2018
Sen. Heitkamp, Heidi [D-ND] 05/23/2018
Sen. Sanders, Bernard [I-VT] 06/11/2018
Sen. Duckworth, Tammy [D-IL] 06/28/2018
Sen. Toomey, Pat [R-PA] 07/16/2018
Sen. Van Hollen, Chris [D-MD] 07/26/2018

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance07/19/2017 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Subjects (8)

Latest Summary (1)

There is one summary for S.1589. View summaries

Shown Here:
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.