Bill > S177

Introduced Session

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. 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.

AI Summary

Committee Categories

Pat Roberts (R)*,  Tammy Baldwin (D),  Roy Blunt (R),  Cory Booker (D),  John Boozman (R),  Sherrod Brown (D),  Maria Cantwell (D),  Ben Cardin (D),  Bob Casey (D),  Susan Collins (R),  Chris Coons (D),  Mike Crapo (R),  Steve Daines (R),  Tammy Duckworth (D),  Joni Ernst (R),  Deb Fischer (R),  Maggie Hassan (D),  John Hoeven (R),  Johnny Isakson (R),  John Neely Kennedy (R),  Angus King (I),  Amy Klobuchar (D),  Patrick Leahy (D),  Martha McSally (R),  Jerry Moran (R),  Patty Murray (D),  Gary Peters (D),  Rob Portman (R),  Jack Reed (D),  Jim Risch (R),  Bernie Sanders (I),  Jeanne Shaheen (D),  Debbie Stabenow (D),  Jon Tester (D),  John Thune (R),  Thom Tillis (R),  Pat Toomey (R),  Chris Van Hollen (D),  Sheldon Whitehouse (D), 

Read twice and referred to the Committee on Finance. (on 01/17/2019)

Official Document