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; 5 are original cosponsors, there from 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 | |
| R-IL | Rodney Davis | Jun 18, 2019 | |
| D-IA | David Loebsack | Jun 25, 2019 | |
| R-TX | Van Taylor | Jun 25, 2019 | |
| D-MN | Dean Phillips | Jul 11, 2019 | |
| D-PA | Brendan F. Boyle | Jul 23, 2019 | |
| R-WA | Cathy McMorris Rodgers | Jul 23, 2019 | |
| D-NY | Brian Higgins | Aug 2, 2019 | |
| R-TX | Louie Gohmert | Aug 27, 2019 | |
| D-WI | Gwen Moore | Sep 17, 2019 | |
| R-MN | Jim Hagedorn | Sep 17, 2019 | |
| D-MI | Daniel T. Kildee | Sep 24, 2019 | |
| R-KY | Andy Barr | Sep 26, 2019 | |
| R-KS | Roger Marshall | Sep 26, 2019 | |
| R-MO | Ann Wagner | Oct 4, 2019 | |
| R-IL | Darin LaHood | Oct 4, 2019 | |
| R-IN | Jackie Walorski | Oct 4, 2019 | |
| R-AL | Mo Brooks | Oct 4, 2019 | |
| D-NH | Ann M. Kuster | Oct 11, 2019 | |
| D-CA | Gilbert Ray Cisneros, Jr. | Oct 11, 2019 | |
| D-IL | Danny K. Davis | Oct 18, 2019 | |
| R-KS | Steve Watkins | Oct 22, 2019 | |
| R-NC | Ted Budd | Oct 23, 2019 | |
| D-AL | Terri A. Sewell | Oct 23, 2019 | |
| D-CA | Ro Khanna | Oct 29, 2019 | |
| D-MO | Emanuel Cleaver | Nov 8, 2019 | |
| R-WI | Bryan Steil | Nov 19, 2019 | |
| D-IA | Abby Finkenauer | Nov 26, 2019 | |
| D-PA | Dwight Evans | Nov 26, 2019 | |
| D-CA | Nanette Diaz Barragán | Dec 3, 2019 | |
| R-KY | James Comer | Dec 6, 2019 | |
| R-NE | Adrian Smith | Dec 9, 2019 | |
| D-CA | Katie Porter | Dec 17, 2019 | |
| R-MO | Vicky Hartzler | Jan 29, 2020 | |
| D-PA | Madeleine Dean | Feb 5, 2020 | |
| D-IL | Bill Foster | Jun 15, 2020 | |
| D-KS | Sharice Davids | Jun 30, 2020 | |
| R-FL | W. Gregory Steube | Jun 30, 2020 |
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 10, 2019 |
| House | Education and Workforce Committee | Referred Apr 10, 2019 |
| House | Small Business Committee | Referred Apr 10, 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.
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. 165, no. 62, April 10, 2019, page H3258.
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 |
|---|---|---|---|
| S. Hrg. 116-524 | INVESTIGATING CHALLENGES TO AMERICAN RETIREMENT SECURITY69 pages | Finance Committee | Dec 9, 2020 |
| Serial No. 116-072 | CHALLENGES AND BENEFITS OF EMPLOYEE-OWNED SMALL BUSINESSES96 pages | Small Business Committee | Feb 12, 2020 |
Related bills 2
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 |
| HR 4141 | Promotion and Expansion of Private Employee Ownership Act of 2021 | Reintroduced Bill | Jun 24, 2021 |
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 Title(s) as Introduced
- Promotion and Expansion of Private Employee Ownership Act of 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
