Employee Stock Ownership Plan Promotion and Improvement Act of 2007
Latest action · May 7, 2007 Read twice and referred to the Committee on Finance.
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.
- IntroducedMay 7, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Employee Stock Ownership Plan Promotion and Improvement Act of 2007 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOPs sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; (5) modify certain ESOP stock ownership rules; and (6) allow a de minimis exception from pension plan investment diversification requirements for ESOP accounts with balances of $2,500 or less.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Jun 14, 2007 to Jul 10, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-ID | Mike Crapo | Jun 14, 2007 | |
| D-LA | Mary L. Landrieu | Jun 27, 2007 | |
| D-VT | Patrick J. Leahy | Jul 10, 2007 | |
| D-RI | Sheldon Whitehouse | Jul 10, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred May 7, 2007 |
Actions 2
Everything that happened, newest first.
- May 7, 2007Introduced in Senate
- May 7, 2007Read twice and referred to the Committee on Finance.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to improve the operation of employee stock ownership plans, and for other purposes.
- Short Titles as Introduced
- Employee Stock Ownership Plan Promotion and Improvement Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 7, 2007Introduced in Senate
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.
