Promotion and Expansion of Private Employee Ownership Act of 2015
Latest action · May 6, 2015 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 6, 2015
- Passed SenateNot reached
- Passed HouseNot 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 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).
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 34
Members who signed on, in the order they did. Signatures ran from May 6, 2015 to Sep 12, 2016; 13 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | May 6, 2015 |
| D-MN | Amy Klobuchar | Original | May 6, 2015 |
| D-MI | Debbie Stabenow | Original | May 6, 2015 |
| D-ND | Heidi Heitkamp | Original | May 6, 2015 |
| R-ID | James E. Risch | Original | May 6, 2015 |
| R-SD | John Thune | Original | May 6, 2015 |
| R-NH | Kelly Ayotte | Original | May 6, 2015 |
| R-ID | Mike Crapo | Original | May 6, 2015 |
| R-KS | Pat Roberts | Original | May 6, 2015 |
| D-VT | Patrick J. Leahy | Original | May 6, 2015 |
| R-MO | Roy Blunt | Original | May 6, 2015 |
| D-RI | Sheldon Whitehouse | Original | May 6, 2015 |
| R-ME | Susan M. Collins | Original | May 6, 2015 |
| D-WI | Tammy Baldwin | May 11, 2015 | |
| I-VT | Bernard Sanders | May 14, 2015 | |
| I-ME | Angus S. King Jr. | May 18, 2015 | |
| R-IL | Mark Kirk | May 18, 2015 | |
| R-KS | Jerry Moran | Jun 2, 2015 | |
| R-ND | John Hoeven | Jun 22, 2015 | |
| R-AR | John Boozman | Jul 7, 2015 | |
| D-RI | Jack Reed | Jul 14, 2015 | |
| R-OH | Rob Portman | Jul 28, 2015 | |
| D-MI | Gary C. Peters | Jul 29, 2015 | |
| D-WA | Maria Cantwell | Sep 9, 2015 | |
| R-MT | Steve Daines | Sep 17, 2015 | |
| R-GA | Johnny Isakson | Sep 24, 2015 | |
| D-MO | Claire McCaskill | Oct 28, 2015 | |
| D-NY | Kirsten E. Gillibrand | Dec 1, 2015 | |
| D-OH | Sherrod Brown | Apr 25, 2016 | |
| R-IA | Joni Ernst | May 17, 2016 | |
| R-IA | Chuck Grassley | Jun 8, 2016 | |
| D-MT | Jon Tester | Jun 10, 2016 | |
| R-PA | Patrick J. Toomey | Jun 10, 2016 | |
| D-PA | Robert P. Casey Jr. | Sep 12, 2016 |
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 6, 2015 |
Actions 2
Everything that happened, newest first.
- May 6, 2015Introduced in Senate
- May 6, 2015Read twice and referred to the Committee on Finance.
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.
Printed hearings 2
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 |
| S. Hrg. 114-410 | HELPING AMERICANS PREPARE FOR RETIREMENT: INCREASING ACCESS, PARTICIPATION, AND COVERAGE IN RETIREMENT SAVINGS PLANS101 pages | Finance Committee | Jan 28, 2016 |
Related bills 2
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 |
| HR 2096 | Promotion and Expansion of Private Employee Ownership Act of 2015 | Related bill | Nov 16, 2015 |
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 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.
- May 6, 2015Introduced 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.
