Promotion and Expansion of Private Employee Ownership Act of 2017
Latest action · Apr 12, 2017 Referred 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.
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 12, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Promotion and Expansion of Private Employee Ownership Act of 2017
This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations.
The bill provides additional tax incentives for ESOPs by (1) extending to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP; and (2) allowing a tax deduction for 50% of the interest received by a bank on loans to S corporation-sponsored ESOPs for the purchase of employer securities.
The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
The bill defines an "ESOP business concern" and allows such a concern to continue to qualify as a small business for the purposes of programs under the Small Business Act. An "ESOP business concern" is a business concern that was a small business concern eligible for a loan, preference, or other program under the Small Business Act before more than 49% of the business concern was acquired by an ESOP.
Cosponsors 85
Members who signed on, in the order they did. Signatures ran from Apr 12, 2017 to Nov 14, 2018; 6 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Bill Pascrell, Jr. | Original | Apr 12, 2017 |
| D-OR | Earl Blumenauer | Original | Apr 12, 2017 |
| R-MN | Erik Paulsen | Original | Apr 12, 2017 |
| R-OH | Patrick J. Tiberi | Original | Apr 12, 2017 |
| D-MA | Richard E. Neal | Original | Apr 12, 2017 |
| D-WI | Ron Kind | Original | Apr 12, 2017 |
| R-KS | Lynn Jenkins | Apr 14, 2017 | |
| D-ME | Chellie Pingree | May 8, 2017 | |
| D-WI | Gwen Moore | May 8, 2017 | |
| R-KS | Roger Marshall | May 8, 2017 | |
| D-IA | David Loebsack | May 11, 2017 | |
| R-IA | David Young | May 11, 2017 | |
| R-ND | Kevin Cramer | May 11, 2017 | |
| D-VT | Peter Welch | May 11, 2017 | |
| R-IA | Steve King | May 11, 2017 | |
| D-IL | Janice D. Schakowsky | May 16, 2017 | |
| D-CO | Jared Polis | May 16, 2017 | |
| R-SD | Kristi L. Noem | May 25, 2017 | |
| R-PA | Lou Barletta | May 25, 2017 | |
| D-OR | Suzanne Bonamici | May 25, 2017 | |
| R-IL | Adam Kinzinger | Jun 20, 2017 | |
| R-VA | Bob Goodlatte | Jun 20, 2017 | |
| D-NY | Brian Higgins | Jun 20, 2017 | |
| R-IN | Jackie Walorski | Jun 20, 2017 | |
| R-PA | Brian K. Fitzpatrick | Jun 21, 2017 | |
| D-WA | Derek Kilmer | Jun 29, 2017 | |
| R-PA | Tom Marino | Jun 29, 2017 | |
| R-PA | Glenn Thompson | Jul 13, 2017 | |
| R-KS | Kevin Yoder | Jul 13, 2017 | |
| D-CA | Mike Thompson | Jul 13, 2017 | |
| R-WI | F. James Sensenbrenner, Jr. | Sep 5, 2017 | |
| D-NJ | Josh Gottheimer | Sep 5, 2017 | |
| R-NE | Don Bacon | Sep 12, 2017 | |
| R-CA | Ken Calvert | Sep 12, 2017 | |
| D-MN | Timothy J. Walz | Sep 12, 2017 | |
| R-TX | Lamar Smith | Sep 18, 2017 | |
| D-AZ | Ruben Gallego | Sep 18, 2017 | |
| R-TN | Scott DesJarlais | Sep 18, 2017 | |
| R-WA | Cathy McMorris Rodgers | Sep 21, 2017 | |
| R-OH | Steve Chabot | Sep 21, 2017 | |
| R-IN | Luke Messer | Oct 5, 2017 | |
| R-CA | Stephen Knight | Oct 12, 2017 | |
| R-MN | Tom Emmer | Oct 16, 2017 | |
| D-CA | Julia Brownley | Oct 19, 2017 | |
| D-NY | Louise McIntosh Slaughter | Oct 19, 2017 | |
| D-CA | J. Luis Correa | Oct 24, 2017 | |
| R-TX | Pete Sessions | Oct 24, 2017 | |
| R-MO | Jason Smith | Oct 31, 2017 | |
| R-OH | James B. Renacci | Nov 2, 2017 | |
| D-MN | Richard M. Nolan | Nov 2, 2017 | |
| R-OK | Markwayne Mullin | Nov 6, 2017 | |
| R-PA | Patrick Meehan | Nov 6, 2017 | |
| R-MO | Billy Long | Nov 7, 2017 | |
| R-VA | Dave Brat | Dec 11, 2017 | |
| R-IN | Jim Banks | Jan 16, 2018 | |
| R-PA | Lloyd Smucker | Jan 18, 2018 | |
| D-IL | Cheri Bustos | Jan 29, 2018 | |
| D-NV | Dina Titus | Jan 29, 2018 | |
| D-WI | Mark Pocan | Feb 13, 2018 | |
| R-AL | Mo Brooks | Feb 13, 2018 | |
| R-TX | John Ratcliffe | May 21, 2018 | |
| D-TX | Filemon Vela | May 23, 2018 | |
| D-IL | Robin L. Kelly | May 23, 2018 | |
| R-ME | Bruce Poliquin | May 25, 2018 | |
| D-CA | Adam B. Schiff | Jun 5, 2018 | |
| D-NH | Ann M. Kuster | Jun 5, 2018 | |
| R-NY | John J. Faso | Jun 7, 2018 | |
| D-MA | Michael E. Capuano | Jun 12, 2018 | |
| R-TX | Kenny Marchant | Jun 14, 2018 | |
| R-IL | Peter J. Roskam | Jun 26, 2018 | |
| R-MO | Ann Wagner | Aug 17, 2018 | |
| R-NY | Tom Reed | Aug 17, 2018 | |
| R-NC | George Holding | Sep 6, 2018 | |
| D-WA | Rick Larsen | Sep 6, 2018 | |
| R-OH | Brad R. Wenstrup | Sep 7, 2018 | |
| R-OH | David P. Joyce | Sep 12, 2018 | |
| R-IL | Randy Hultgren | Sep 12, 2018 | |
| R-KY | James Comer | Sep 17, 2018 | |
| R-SC | Ralph Norman | Sep 20, 2018 | |
| R-AL | Robert B. Aderholt | Sep 25, 2018 | |
| R-MO | Vicky Hartzler | Sep 25, 2018 | |
| D-IL | Danny K. Davis | Oct 23, 2018 | |
| D-NY | Paul Tonko | Oct 23, 2018 | |
| D-MA | Joseph P. Kennedy III | Nov 14, 2018 | |
| D-CA | Pete Aguilar | Nov 14, 2018 |
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 12, 2017 |
| House | Education and Workforce Committee | Referred Apr 12, 2017 |
| House | Small Business Committee | Referred Apr 12, 2017 |
Actions 2
Everything that happened, newest first.
- Apr 12, 2017Introduced in House
- Apr 12, 2017Referred 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
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 64, April 12, 2017, page H2802.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1589 | Promotion and Expansion of Private Employee Ownership Act of 2017 | Related bill | Jul 19, 2017 |
| HR 2096 | Promotion and Expansion of Private Employee Ownership Act of 2015 | Reintroduction of | Nov 16, 2015 |
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 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 12, 2017Introduced 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.
