Promotion and Expansion of Private Employee Ownership Act of 2019
Latest action · Apr 10, 2019 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, 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 10, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Promotion and Expansion of Private Employee Ownership Act of 2019
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 52
Members who signed on, in the order they did. Signatures ran from Apr 10, 2019 to Jun 30, 2020, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Bill Pascrell, Jr. | Original | Apr 10, 2019 |
| D-OR | Earl Blumenauer | Original | Apr 10, 2019 |
| R-MO | Jason Smith | Original | Apr 10, 2019 |
| R-PA | Mike Kelly | Original | Apr 10, 2019 |
| R-NY | Tom Reed | Original | Apr 10, 2019 |
| D-IL | Robin L. Kelly | Apr 25, 2019 | |
| R-SC | Ralph Norman | May 21, 2019 | |
| R-OH | Brad R. Wenstrup | May 22, 2019 | |
| R-PA | Brian K. Fitzpatrick | May 22, 2019 | |
| R-PA | Glenn Thompson | May 30, 2019 | |
| D-VT | Peter Welch | May 30, 2019 | |
| D-PA | Susan Wild | May 30, 2019 | |
| D-ME | Chellie Pingree | Jun 5, 2019 | |
| D-ME | Jared F. Golden | Jun 5, 2019 | |
| R-KS | Ron Estes | Jun 11, 2019 |
Actions 2
Everything that happened, newest first.
- Apr 10, 2019Introduced in House
- Apr 10, 2019Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, 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.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 177 | Promotion and Expansion of Private Employee Ownership Act of 2019 | Related bill | Jan 17, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 10, 2019Introduced 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.