Proposal:Promotion and Expansion of Private Employee Ownership Act of 2019

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 177
Type of Legislation	Senate Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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 extends to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP.

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.

Bill Title

Promotion and Expansion of Private Employee Ownership Act of 2019

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-01-17: Read twice and referred to the Committee on Finance.
• 2019-01-17: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.