HR 5011 · 118th Congress 2023–2025, ended

Promotion and Expansion of Private Employee Ownership Act of 2023

Introduced Jul 27, 2023 Originated House Sponsor Mike Kelly R-PA

Fact sheet

Latest action · Jul 27, 2023 Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Education and the Workforce, 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.

  1. IntroducedJul 27, 2023
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Promotion and Expansion of Private Employee Ownership Act of 2023

This bill accelerates to the enactment date of this bill the deferral of tax (currently, after December 31, 2027) on sales of employer stock to employee stock ownership plans (ESOPs) sponsored by S corporations. It also eliminates the limitation on the amount that may be deferred.

The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The office must provide education and outreach about the benefits of employee ownership of S corporations and technical assistance to assist S corporations in sponsoring ESOPs.

The bill directs the Department of Labor to appoint an Advocate for Employee Ownership.

Cosponsors 7

Members who signed on, in the order they did. All signed on Jul 27, 2023.

SeatCosponsorSigned on
D-NJBill Pascrell, Jr.OriginalJul 27, 2023
R-OHBrad R. WenstrupOriginalJul 27, 2023
R-WVCarol D. MillerOriginalJul 27, 2023
D-ILDanny K. DavisOriginalJul 27, 2023
D-OREarl BlumenauerOriginalJul 27, 2023
R-KSRon EstesOriginalJul 27, 2023
D-ALTerri A. SewellOriginalJul 27, 2023

Actions 2

Everything that happened, newest first.

  1. Jul 27, 2023Introduced in House
  2. Jul 27, 2023Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Education and the Workforce, 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 2

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

BillTitleRelationshipLatest action
S 2515Promotion and Expansion of Private Employee Ownership Act of 2023Identical billJul 26, 2023
HR 4896Promotion and Expansion of Private Employee Ownership Act of 2023Identical billJul 26, 2023

Subjects

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

Text 1

Each version as it was printed, newest first.

  1. Jul 27, 2023Introduced 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.