HOUSE 4896118th CongressReferred 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.

Promotion and Expansion of Private Employee Ownership Act of 2023

Last Action: 7/26/2023

Actions

2023-07-26Referred 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.
2023-07-26Referred 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.
2023-07-26Referred 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.
2023-07-26Introduced in House
2023-07-26Introduced in House

CRS Summary

As of 2023-07-26 (00)

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 (20)

EARL BLUMENAUER (D-OR)
Brad Wenstrup (R-OH)
Carol Miller (R-WV)
Ron Estes (R-KS)
WILLIAM PASCRELL (D-NJ)
DANNY DAVIS (D-IL)
Terri Sewell (D-AL)
Blake Moore (R-UT)
Claudia Tenney (R-NY)
Brendan Boyle (D-PA)
Angie Craig (D-MN)
Susan Wild (D-PA)
David Rouzer (R-NC)
Jerry Carl (R-AL)
Scott Fitzgerald (R-WI)
Mark Alford (R-MO)
Larry Bucshon (R-IN)
Sharice Davids (D-KS)
Ro Khanna (D-CA)
Suzanne Bonamici (D-OR)

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