Bill
Bill > S1618
US S1618
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.
summary
Introduced
07/24/2017
07/24/2017
In Committee
07/24/2017
07/24/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
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. 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.
AI Summary
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. Specifically, the bill applies to voting stock that is not readily tradable on an established securities market, purchased by the business enterprise on or after January 1, 2005, from an employee stock ownership plan in which the business enterprise's employees participate, and held by the business enterprise as treasury stock, cancelled, or retired. This provision is intended to encourage employee ownership of businesses by ensuring that such purchases do not result in the private foundation being subject to the tax on excess business holdings.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 07/24/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/1618/all-info |
| BillText | https://www.congress.gov/115/bills/s1618/BILLS-115s1618is.pdf |
| Bill | https://www.congress.gov/115/bills/s1618/BILLS-115s1618is.pdf.pdf |
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