Promotion and Expansion of Private Employee Ownership Act of 2023
- Last Action
- 7/26/2023
Actions
- 2023-07-26Read twice and referred to the Committee on Finance.
- 2023-07-26Introduced in Senate
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)
- Steve Daines (R-MT)
- Debbie Stabenow (D-MI)
- Mike Crapo (R-ID)
- Sherrod Brown (D-OH)
- Chuck Grassley (R-IA)
- Chris Van Hollen (D-MD)
- John Barrasso (R-WY)
- Amy Klobuchar (D-MN)
- Todd Young (R-IN)
- Jon Tester (D-MT)
- Bill Cassidy (R-LA)
- Cory Booker (D-NJ)
- Marsha Blackburn (R-TN)
- Tina Smith (D-MN)
- James Risch (R-ID)
- Bernard Sanders (I-VT)
- Susan Collins (R-ME)
- Angus King (I-ME)
- Jerry Moran (R-KS)
- John Reed (D-RI)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.