S. 1319 · 109th Congress
Employee Stock Ownership Plan Promotion and Improvement Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LincolnSponsor4 cosponsors · 2 D, 2 R
0 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 2005 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate…
What it does: CRS summary · Introduced in Senate · Jun 28, 2005
Employee Stock Ownership Plan Promotion and Improvement Act of 2005 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (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 ESOPs 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; (6) allow early distributions from an ESOP for higher education expenses and first-time homebuyer purchases without penalty; and (7) allow a de minimis exception from pension plan diversification requirements for ESOP accounts with balances of $2,500 or less.
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 2005
Latest action (Jun 28, 2005): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jun 28, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.