H.R. 4796 · 108th Congress
Employee Stock Ownership Plan Promotion and Improvement Act of 2004
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BallengerSponsor8 cosponsors · 8 R
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Employee Stock Ownership Plan Promotion and Improvement Act of 2004 - Amends the Internal Revenue Code to: (1) treat certain distributions by S corporations to an employee stock ownership plan (ESOP) as deductible dividends; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits;…
What it does: CRS summary · Introduced in House · Jul 9, 2004
Employee Stock Ownership Plan Promotion and Improvement Act of 2004 - Amends the Internal Revenue Code to: (1) treat certain distributions by S corporations to an employee stock ownership plan (ESOP) as deductible dividends; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOP's sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; (5) modify certain ESOP stock ownership rules; and (6) allow early distributions from an ESOP for higher education expenses and first-time homebuyer purchases without penalty.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Employee Stock Ownership Plan Promotion and Improvement Act of 2004
Latest action (Jul 9, 2004): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jul 9, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.