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

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.

IntroducedMar 29, 2011
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
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; 5 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-NJ	Bill Pascrell, Jr.	Original	Mar 29, 2011
R-LA	Charles W. Boustany, Jr.	Original	Mar 29, 2011
D-OR	Earl Blumenauer	Original	Mar 29, 2011
R-MN	Erik Paulsen	Original	Mar 29, 2011
D-WI	Ron Kind	Original	Mar 29, 2011
R-IL	Peter J. Roskam		Apr 14, 2011
R-KS	Lynn Jenkins		May 2, 2011
R-OH	Patrick J. Tiberi		May 2, 2011
R-MO	Sam Graves		May 2, 2011
D-NY	Maurice D. Hinchey		May 4, 2011
R-LA	Rodney Alexander		May 4, 2011
R-TX	Kenny Marchant		May 13, 2011
D-IA	Leonard L. Boswell		May 13, 2011
R-PA	Todd Russell Platts		May 13, 2011
D-IA	David Loebsack		May 26, 2011
R-IL	Donald A. Manzullo		May 26, 2011
D-MO	Emanuel Cleaver		May 26, 2011
D-VT	Peter Welch		May 26, 2011
D-IA	Bruce L. Braley		Jun 3, 2011
D-MI	Gary C. Peters		Jun 3, 2011
R-FL	David Rivera		Jun 24, 2011
R-FL	Ileana Ros-Lehtinen		Jun 24, 2011
R-ND	Rick Berg		Jun 24, 2011
R-IL	Aaron Schock		Jul 8, 2011
D-PA	Allyson Y. Schwartz		Jul 8, 2011
D-WI	Gwen Moore		Jul 8, 2011
D-ME	Michael H. Michaud		Jul 8, 2011
R-IL	Randy Hultgren		Jul 8, 2011
D-MN	Timothy J. Walz		Jul 8, 2011
D-CT	Joe Courtney		Jul 15, 2011
D-MA	Richard E. Neal		Jul 15, 2011
R-TX	Pete Sessions		Jul 22, 2011
D-IL	Danny K. Davis		Jul 29, 2011
D-MO	Russ Carnahan		Jul 29, 2011
R-FL	Vern Buchanan		Aug 26, 2011
D-TX	Gene Green		Sep 8, 2011
R-MO	W. Todd Akin		Sep 8, 2011
R-MO	Blaine Luetkemeyer		Sep 9, 2011
R-NE	Lee Terry		Sep 9, 2011
R-IL	Robert J. Dold		Sep 9, 2011
R-MT	Denny Rehberg		Sep 12, 2011
R-SD	Kristi L. Noem		Sep 15, 2011
D-AZ	Raúl M. Grijalva		Sep 15, 2011
D-NY	William L. Owens		Sep 15, 2011
R-PA	Glenn Thompson		Sep 29, 2011
R-IL	Adam Kinzinger		Oct 7, 2011
D-MN	Betty McCollum		Oct 7, 2011
D-VA	James P. Moran		Oct 7, 2011
R-PA	Jim Gerlach		Oct 7, 2011
R-IL	Joe Walsh		Oct 7, 2011
R-NJ	Rodney P. Frelinghuysen		Oct 7, 2011
R-IL	Timothy V. Johnson		Oct 7, 2011
D-MA	James P. McGovern		Oct 31, 2011
R-PA	Michael G. Fitzpatrick		Oct 31, 2011
D-IL	Janice D. Schakowsky		Nov 3, 2011
R-PA	Joseph R. Pitts		Nov 3, 2011
D-IN	André Carson		Nov 29, 2011
R-WI	F. James Sensenbrenner, Jr.		Nov 29, 2011
R-FL	Jeff Miller		Dec 2, 2011
R-KS	Kevin Yoder		Dec 20, 2011
R-WI	Reid J. Ribble		Dec 20, 2011
R-VA	Bob Goodlatte		Jan 10, 2012
R-TX	John Abney Culberson		Feb 2, 2012
R-IA	Steve King		Mar 16, 2012
R-MO	Billy Long		Mar 20, 2012
R-OH	Steve Chabot		Mar 26, 2012
R-VA	J. Randy Forbes		Mar 29, 2012
R-WA	Cathy McMorris Rodgers		Apr 16, 2012
D-NJ	Rush Holt		Apr 24, 2012
R-PA	Tom Marino		May 9, 2012
R-OR	Greg Walden		May 17, 2012
D-GA	John Lewis		May 22, 2012
R-IA	Tom Latham		May 22, 2012
R-TX	Pete Olson		May 30, 2012
D-ME	Chellie Pingree		Jun 7, 2012
D-MN	Collin C. Peterson		Jun 27, 2012
R-TX	Ted Poe		Jul 9, 2012
R-NV	Joseph J. Heck		Jul 11, 2012
D-CA	Michael M. Honda		Jul 23, 2012
R-WI	Thomas E. Petri		Jul 26, 2012
R-IN	Todd Rokita		Jul 30, 2012
R-AL	Jo Bonner		Aug 1, 2012
R-LA	Bill Cassidy		Aug 2, 2012
R-OH	Michael R. Turner		Aug 2, 2012
R-NY	Tom Reed		Aug 2, 2012
R-NH	Frank C. Guinta		Sep 10, 2012
D-VA	Gerald E. Connolly		Sep 10, 2012
R-MO	Vicky Hartzler		Sep 10, 2012
D-IL	Mike Quigley		Sep 14, 2012
R-UT	Rob Bishop		Sep 19, 2012
R-IL	Judy Biggert		Sep 21, 2012
R-OH	Steve Stivers		Sep 21, 2012
D-OR	Suzanne Bonamici		Sep 21, 2012
R-CA	Edward R. Royce		Nov 14, 2012

Committees 3

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 Mar 29, 2011
House	Education and Workforce Committee	Referred Mar 29, 2011
	Health, Employment, Labor, and Pensions Subcommittee	Referred Apr 15, 2011
House	Small Business Committee	Referred Mar 29, 2011

Actions 3

Everything that happened, newest first.

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

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: The constitutional authority of Congress to enact this legislation is provided by Article I, Section 8 of the United States Constitution, specifically Clause 1 (relating to providing for the general welfare of the United States) and Clause 18 (relating to the power to make all laws necessary and proper for carrying out the powers vested in Congress), and Article IV, Section 3, Clause 2 (relating to the power of Congress to dispose of and make all needful rules and regulations respecting the territory or other property belonging to the United States).

The sponsor’s statement, as printed in the page H2039.

Related bills 1

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

Bill	Title	Relationship	Latest action
S 1512	Promotion and Expansion of Private Employee Ownership Act of 2011	Related bill	Sep 6, 2011

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 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.
Short Titles as Introduced: Promotion and Expansion of Private Employee Ownership Act of 2011

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.