Bill Sponsor
House Bill 2092
115th Congress(2017-2018)
Promotion and Expansion of Private Employee Ownership Act of 2017
Introduced
Introduced
Introduced in House on Apr 12, 2017
Overview
Text
Introduced
Apr 12, 2017
Latest Action
Apr 12, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2092
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
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House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Promotion and Expansion of Private Employee Ownership Act of 2017

This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations.

The bill provides additional tax incentives for ESOPs by (1) extending to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP; and (2) allowing a tax deduction for 50% of the interest received by a bank on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

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.

Text (1)
April 12, 2017
Actions (2)
04/12/2017
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
04/12/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:35:59 PM