HR 1244 · 112th Congress 2011–2013, ended

Promotion and Expansion of Private Employee Ownership Act of 2011

Introduced Mar 29, 2011 Originated House Sponsor David G. Reichert R-WA

Fact sheet

Latest action · Apr 15, 2011 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.

  1. IntroducedMar 29, 2011
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Promotion and Expansion of Private Employee Ownership Act of 2011 - 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); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

Directs the Secretary of the Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

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.

Cosponsors 94

Members who signed on, in the order they did. Signatures ran from Mar 29, 2011 to Nov 14, 2012, with 5 there on the day it was introduced.

SeatCosponsorSigned on
D-NJBill Pascrell, Jr.OriginalMar 29, 2011
R-LACharles W. Boustany, Jr.OriginalMar 29, 2011
D-OREarl BlumenauerOriginalMar 29, 2011
R-MNErik PaulsenOriginalMar 29, 2011
D-WIRon KindOriginalMar 29, 2011
R-ILPeter J. RoskamApr 14, 2011
R-KSLynn JenkinsMay 2, 2011
R-OHPatrick J. TiberiMay 2, 2011
R-MOSam GravesMay 2, 2011
D-NYMaurice D. HincheyMay 4, 2011
D-LARodney AlexanderMay 4, 2011
R-TXKenny MarchantMay 13, 2011
D-IALeonard L. BoswellMay 13, 2011
R-PATodd Russell PlattsMay 13, 2011
D-IADavid LoebsackMay 26, 2011
Show all 94 cosponsors

Actions 3

Everything that happened, newest first.

  1. Apr 15, 2011Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
  2. Mar 29, 2011Introduced in House
  3. Mar 29, 2011Referred 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.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 1512Promotion and Expansion of Private Employee Ownership Act of 2011Related billSep 6, 2011

Subjects

Assigned by the Library of Congress.

Text 1

Each version as it was printed, newest first.

  1. Mar 29, 2011Introduced in House

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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.