S.2423 - A bill to amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.116th Congress (2019-2020)
|Sponsor:||Sen. Stabenow, Debbie [D-MI] (Introduced 08/01/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 08/01/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2423 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (08/01/2019)
This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise.
The bill applies to any voting stock that is (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from an employee stock ownership plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.