118th Congress Taxation
H.R. 5011: Promotion and Expansion of Private Employee Ownership Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Earl Blumenauer D-OROriginal
- Danny Davis D-ILOriginal
- Ron Estes R-KSOriginal
- Carol Miller R-WVOriginal
- Bill Pascrell D-NJOriginal
- Terri Sewell D-ALOriginal
- Brad Wenstrup R-OHOriginal
Who scored on this bill
- 1Mike Kelly SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the House by Mike Kelly.
Show the full action history (2 actions)
- Introduced in House
- 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.