S Corporation ESOP Promotion and Expansion Act of 2009
Latest action · Nov 16, 2009 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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.
- IntroducedSep 16, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
S Corporation ESOP Promotion and Expansion Act of 2009 - Amends the Internal Revenue Code to: (1) 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 employer stock ownership plan (ESOP); (2) allow a tax deduction for interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities; (3) transfer liability for payment of estate tax on transfers of employer securities to an S corporation-sponsored ESOP from the estate executor to the ESOP; and (4) allow an estate tax deduction for 50% of the proceeds from the sale of employer securities to an S corporation-sponsored ESOP.
Directs the Secretary of Labor to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
Cosponsors 33
Members who signed on, in the order they did. Signatures ran from Sep 16, 2009 to Dec 21, 2010; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Earl Blumenauer | Original | Sep 16, 2009 |
| R-MN | Erik Paulsen | Sep 22, 2009 | |
| D-MN | Timothy J. Walz | Oct 1, 2009 | |
| D-MN | James L. Oberstar | Oct 14, 2009 | |
| R-NE | Lee Terry | Oct 20, 2009 | |
| D-OH | Steve Driehaus | Oct 20, 2009 | |
| D-CO | Jared Polis | Oct 28, 2009 | |
| D-MA | Barney Frank | Dec 9, 2009 | |
| D-NJ | Bill Pascrell, Jr. | Dec 9, 2009 | |
| D-MI | Gary C. Peters | Dec 10, 2009 | |
| R-VA | Bob Goodlatte | Dec 16, 2009 | |
| R-OH | Patrick J. Tiberi | Feb 25, 2010 | |
| R-OH | Jean Schmidt | Mar 2, 2010 | |
| D-MN | Collin C. Peterson | Apr 20, 2010 | |
| D-OR | David Wu | Jun 23, 2010 | |
| D-MA | Bill Delahunt | Jun 24, 2010 | |
| D-CT | Joe Courtney | Jun 24, 2010 | |
| R-KY | Brett Guthrie | Jun 30, 2010 | |
| R-PA | Todd Russell Platts | Jul 1, 2010 | |
| R-WA | David G. Reichert | Jul 20, 2010 | |
| D-WI | Steve Kagen | Jul 20, 2010 | |
| R-IL | Peter J. Roskam | Jul 30, 2010 | |
| D-IL | Danny K. Davis | Sep 22, 2010 | |
| D-MO | Emanuel Cleaver | Sep 22, 2010 | |
| D-TX | Gene Green | Sep 22, 2010 | |
| R-TX | Pete Sessions | Sep 22, 2010 | |
| D-TX | Charles A. Gonzalez | Sep 23, 2010 | |
| R-MO | Sam Graves | Sep 23, 2010 | |
| D-IA | Leonard L. Boswell | Sep 28, 2010 | |
| R-MO | W. Todd Akin | Sep 28, 2010 | |
| D-PA | Allyson Y. Schwartz | Sep 29, 2010 | |
| R-KS | Jerry Moran | Sep 29, 2010 | |
| D-WI | Gwen Moore | Dec 21, 2010 |
Committees 2
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 Sep 16, 2009 |
| House | Education and Workforce Committee | Referred Sep 16, 2009 |
| Health, Employment, Labor, and Pensions Subcommittee | Referred Nov 16, 2009 |
Actions 5
Everything that happened, newest first.
- Nov 16, 2009Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Sep 16, 2009Introduced in House
- Sep 16, 2009Referred to House Ways and Means
- Sep 16, 2009Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
- Sep 16, 2009Referred to House Education and Labor
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H3314 | Earl Blumenauer D-OR | May 12, 2010 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3803 | S Corporation ESOP Promotion and Expansion Act of 2010 | Related bill | Sep 20, 2010 |
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 expand the availability of employee stock ownership plans in S corporations, and for other purposes.
- Short Titles as Introduced
- S Corporation ESOP Promotion and Expansion Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 16, 2009Introduced 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.
