Bill > HR2293

Introduced Session

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. 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 a stock bonus or profit sharing 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.

Committee Categories

George Holding (R)*,  Carlos Curbelo (R),  Matt Gaetz (R),  Alcee Hastings (D),  Al Lawson (D),  Sander Levin (D),  Stephanie Murphy (D),  Tom Reed (R),  Thomas Rooney (R),  Dennis Ross (R),  John Rutherford (R),  Pete Sessions (R),  Adrian Smith (R),  Darren Soto (D),  Fred Upton (R),  Debbie Wasserman Schultz (D),  Daniel Webster (R),  Frederica Wilson (D), 

Referred to the House Committee on Ways and Means. (on 05/02/2017)

Official Document