H.R. 3586 · 111th Congress
S Corporation ESOP Promotion and Expansion Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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KindSponsor33 cosponsors · 20 D, 13 R
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Blumenauer
EP
R
Paulsen
TW
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Walz
JO
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Oberstar
SD
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Driehaus
LT
R
Terry
JP
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Polis
BF
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Frank
BP
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Pascrell
GP
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Peters
BG
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Goodlatte
PT
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Tiberi
JS
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Schmidt
CP
D
Peterson
DW
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Wu
JC
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Courtney
BD
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Delahunt
BG
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Guthrie
TP
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Platts
SK
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Kagen
DR
R
Reichert
PR
R
Roskam
EC
D
Cleaver
DD
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Davis
GG
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Green
PS
R
Sessions
CG
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Gonzalez
SG
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Graves
WA
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Akin
LB
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Boswell
JM
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Moran
AS
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Schwartz
GM
D
Moore1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
S Corporation ESOP Promotion and Expansion Act of 2009 - Amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP); (2) allow a tax deduction for interest incurred…
What it does: CRS summary · Introduced in House · Sep 16, 2009
S Corporation ESOP Promotion and Expansion Act of 2009 - Amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP); (2) allow a tax deduction for interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities; (3) transfer liability for payment of estate tax on transfers of employer securities to an S corporation-sponsored ESOP from the estate executor to the ESOP; and (4) allow an estate tax deduction for 50% of the proceeds from the sale of employer securities to an S corporation-sponsored ESOP.
Directs the Secretary of Labor to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: S Corporation ESOP Promotion and Expansion Act of 2009
Latest action (Nov 16, 2009): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Policy area: Taxation · Origin: House · Introduced: Sep 16, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.