Senate Bill 1589
115th Congress(2017-2018)
Promotion and Expansion of Private Employee Ownership Act of 2017
Introduced
Introduced in Senate on Jul 19, 2017
Origin Chamber
Senate
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
1589
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.
No Senate votes have been held for this bill.
Summary
Promotion and Expansion of Private Employee Ownership Act of 2017
This bill amends the Internal Revenue Code to extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employee stock ownership plan (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 also amends the Small Business Act to define "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.
July 19, 2017
07/19/2017
Read twice and referred to the Committee on Finance.
07/19/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:37:05 PM