S.177 - Promotion and Expansion of Private Employee Ownership Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Roberts, Pat [R-KS] (Introduced 01/17/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/17/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.177 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (01/17/2019)
Promotion and Expansion of Private Employee Ownership Act of 2019
This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations.
The bill extends to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an 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 defines an "ESOP business concern" and allows such a concern to continue to qualify as a small business for the purposes of programs under the Small Business Act. An "ESOP business concern" is a business concern that was a small business concern eligible for a loan, preference, or other program under the Small Business Act before more than 49% of the business concern was acquired by an ESOP.