Employee Ownership Act of 2001
Latest action · Jun 28, 2001 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 28, 2001
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to provide for tax-exempt employee-owned and employee-controlled corporation (EOECC) trusts whose primary assets consist of the employer securities of an EOECC.
Declares that: (1) there shall be no tax on the corporate income of an EOECC; and (2) the gross income of an employee owner shall not include any proceeds from the qualified sale of EOECC securities.
Exempts from inclusion in gross income of property transferred in connection with performance of services any transfer (in lieu of compensation) of EOECC securities during the three years following a corporation's election to become an EOECC.
Mandates nonrecognition of gain in the case of the sale or transfer of EOECC securities to an EOECC trust.
Establishes a credit against the estate tax for the amount of EOECC securities considered to have been acquired from or to have passed from a decedent to an EOECC trust.
Directs the Comptroller General to study and report to Congress on Federal regulations and policies affecting EOECCs.
Directs the President to establish a Presidential Commission on Employee Ownership to study and report on all issues that affect ownership of businesses in the United States, with a primary focus on the issues that affect employee ownership of such businesses.
Cosponsors 14
Members who signed on, in the order they did. All signed on Jun 28, 2001.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-VT | Bernard Sanders | Original | Jun 28, 2001 |
| R-CA | Christopher Cox | Original | Jun 28, 2001 |
| D-GA | Cynthia A. McKinney | Original | Jun 28, 2001 |
| R-FL | Dave Weldon | Original | Jun 28, 2001 |
| R-CA | Edward R. Royce | Original | Jun 28, 2001 |
| D-CA | Gary A. Condit | Original | Jun 28, 2001 |
| R-CA | Ken Calvert | Original | Jun 28, 2001 |
| D-IL | Lane Evans | Original | Jun 28, 2001 |
| D-OH | Marcy Kaptur | Original | Jun 28, 2001 |
| R-IN | Mark E. Souder | Original | Jun 28, 2001 |
| R-CA | Mary Bono | Original | Jun 28, 2001 |
| R-PA | Melissa A. Hart | Original | Jun 28, 2001 |
| R-TX | Ron Paul | Original | Jun 28, 2001 |
| R-CA | Stephen Horn | Original | Jun 28, 2001 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jun 28, 2001 |
Actions 2
Everything that happened, newest first.
- Jun 28, 2001Introduced in House
- Jun 28, 2001Referred to the House Committee on Ways and Means.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide incentives for the ownership and control of corporations by employees.
- Short Titles as Introduced
- Employee Ownership Act of 2001
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business income tax
- Capital gains tax
- Commerce
- Congress
- Congressional investigations
- Congressional reporting requirements
- Corporation directors
- Corporation taxes
- Corporations
- Employee ownership
- Estate tax
- Finance and Financial Sector
- Government Operations and Politics
- Income tax
- Labor and Employment
- Law
- Personal income tax
- Presidential commissions
- Regulatory impact statements
- Stocks
- Tax credits
- Tax exclusion
- Tax exemption
- Tax incentives
- Tax-exempt organizations
- Taxation
- Trusts and trustees
Text 1
Each version as it was printed, newest first.
- Jun 28, 2001Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
