HR 2096 · 114th Congress 2015–2017, ended

Promotion and Expansion of Private Employee Ownership Act of 2015

Introduced Apr 29, 2015 Originated House Sponsor David G. Reichert R-WA

Latest action · Nov 16, 2015 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.

IntroducedApr 29, 2015
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Promotion and Expansion of Private Employee Ownership Act of 2015

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 employee 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 Department 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 95

Members who signed on, in the order they did. Signatures ran from Apr 29, 2015 to Nov 17, 2016; 7 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-NJ	Bill Pascrell, Jr.	Original	Apr 29, 2015
R-LA	Charles W. Boustany, Jr.	Original	Apr 29, 2015
D-OR	Earl Blumenauer	Original	Apr 29, 2015
R-MN	Erik Paulsen	Original	Apr 29, 2015
R-OH	Patrick J. Tiberi	Original	Apr 29, 2015
D-MA	Richard E. Neal	Original	Apr 29, 2015
D-WI	Ron Kind	Original	Apr 29, 2015
D-NE	Brad Ashford		May 5, 2015
D-WI	Gwen Moore		May 5, 2015
R-IL	Robert J. Dold		May 5, 2015
R-VA	Bob Goodlatte		May 21, 2015
R-MO	Jason Smith		May 21, 2015
D-MI	John Conyers, Jr.		May 21, 2015
R-TX	Kenny Marchant		May 21, 2015
R-IL	Rodney Davis		May 21, 2015
R-ND	Kevin Cramer		Jun 2, 2015
R-KS	Kevin Yoder		Jun 9, 2015
R-IL	Peter J. Roskam		Jun 15, 2015
R-LA	Ralph Lee Abraham		Jun 15, 2015
R-SD	Kristi L. Noem		Jun 17, 2015
R-WI	Glenn Grothman		Jun 19, 2015
R-IA	Rod Blum		Jun 25, 2015
D-MN	Timothy J. Walz		Jul 7, 2015
R-KS	Lynn Jenkins		Jul 9, 2015
R-ID	Michael K. Simpson		Jul 14, 2015
R-IL	Randy Hultgren		Jul 14, 2015
R-WA	Cathy McMorris Rodgers		Jul 16, 2015
R-PA	Patrick Meehan		Jul 16, 2015
R-OH	James B. Renacci		Jul 23, 2015
R-MI	Bill Huizenga		Jul 27, 2015
D-MN	Collin C. Peterson		Jul 28, 2015
R-PA	Glenn Thompson		Jul 28, 2015
R-PA	Ryan A. Costello		Jul 29, 2015
R-WI	Reid J. Ribble		Sep 8, 2015
R-VA	Robert Hurt		Sep 8, 2015
D-CA	Sam Farr		Sep 8, 2015
R-MN	Tom Emmer		Sep 10, 2015
R-CO	Mike Coffman		Sep 15, 2015
R-PA	Michael G. Fitzpatrick		Sep 17, 2015
R-IA	David Young		Sep 18, 2015
D-MN	Keith Ellison		Sep 18, 2015
R-TX	Pete Sessions		Sep 18, 2015
R-NC	Robert Pittenger		Sep 18, 2015
R-NY	Tom Reed		Sep 18, 2015
D-CA	Julia Brownley		Sep 22, 2015
R-NY	Richard L. Hanna		Sep 22, 2015
D-PA	Robert A. Brady		Sep 22, 2015
D-VT	Peter Welch		Sep 24, 2015
D-NY	Louise McIntosh Slaughter		Sep 28, 2015
D-WA	Rick Larsen		Sep 28, 2015
R-AL	Bradley Byrne		Sep 29, 2015
D-HI	Mark Takai		Sep 29, 2015
R-MT	Ryan K. Zinke		Sep 29, 2015
D-CA	Linda T. Sánchez		Oct 16, 2015
R-PA	Mike Kelly		Nov 5, 2015
D-IA	David Loebsack		Nov 16, 2015
D-CA	Mike Thompson		Dec 15, 2015
R-TX	K. Michael Conaway		Dec 17, 2015
D-OH	Joyce Beatty		Jan 6, 2016
R-IN	Todd Rokita		Jan 6, 2016
R-TN	Diane Black		Jan 13, 2016
R-AL	Robert B. Aderholt		Jan 28, 2016
D-OR	Suzanne Bonamici		Feb 3, 2016
D-MN	Richard M. Nolan		Mar 1, 2016
R-PA	Tom Marino		Mar 14, 2016
R-IN	Luke Messer		Apr 11, 2016
R-OH	Steve Chabot		Apr 27, 2016
D-CA	Janice Hahn		May 10, 2016
D-NH	Ann M. Kuster		May 25, 2016
D-IL	Luis V. Gutierrez		Jun 3, 2016
R-IA	Steve King		Jun 3, 2016
R-TX	Kay Granger		Jun 7, 2016
D-TX	Ruben Hinojosa		Jun 14, 2016
R-IL	Adam Kinzinger		Jun 22, 2016
R-CA	Stephen Knight		Jul 1, 2016
D-ME	Chellie Pingree		Jul 6, 2016
D-IL	Robin L. Kelly		Jul 7, 2016
D-IL	Danny K. Davis		Jul 8, 2016
D-IL	Janice D. Schakowsky		Jul 8, 2016
R-CA	Edward R. Royce		Jul 11, 2016
R-TX	Lamar Smith		Jul 11, 2016
D-WI	Mark Pocan		Jul 13, 2016
D-CA	Adam B. Schiff		Jul 14, 2016
R-CA	Ken Calvert		Jul 14, 2016
I-AZ	Kyrsten Sinema		Jul 14, 2016
R-OH	David P. Joyce		Sep 6, 2016
R-NY	John Katko		Sep 6, 2016
R-NV	Mark E. Amodei		Sep 6, 2016
R-NV	Joseph J. Heck		Sep 7, 2016
R-MO	Vicky Hartzler		Sep 8, 2016
R-MO	Ann Wagner		Sep 12, 2016
D-GA	David Scott		Sep 12, 2016
R-TX	Roger Williams		Sep 12, 2016
R-TX	Blake Farenthold		Sep 20, 2016
D-CO	Jared Polis		Nov 17, 2016

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 Apr 29, 2015
House	Education and Workforce Committee	Referred Apr 29, 2015
	Health, Employment, Labor, and Pensions Subcommittee	Referred Nov 16, 2015
House	Small Business Committee	Referred Apr 29, 2015

Actions 3

Everything that happened, newest first.

Nov 16, 2015Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Apr 29, 2015Introduced in House
Apr 29, 2015Referred 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 Congressional Record, vol. 161, no. 63, April 29, 2015, page H2655.

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

Number	Hearing	Committee	Held
114-58	S IS FOR SAVINGS: PRO-GROWTH BENEFITS OF EMPLOYEE-OWNED S CORPORATIONS56 pages	Small Business Committee	Apr 27, 2016

Related bills 3

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

Bill	Title	Relationship	Latest action
SRES 252	An original resolution expressing the sense of the Committee on Small Business and Entrepreneurship of the Senate relating to easing the burden of Federal tax compliance on small businesses.	Related bill	Dec 20, 2016
S 1212	Promotion and Expansion of Private Employee Ownership Act of 2015	Related bill	May 6, 2015
HR 2092	Promotion and Expansion of Private Employee Ownership Act of 2017	Reintroduced Bill	Apr 12, 2017

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 2015

Subjects

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

Text 1

Each version as it was printed, newest first.

Apr 29, 2015Introduced 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.