H.R. 5207 · 111th Congress
Employee Stock Ownership Plan Promotion and Improvement Act of 2010
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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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BoustanySponsor14 cosponsors · 6 D, 8 R
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Pomeroy
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Herger
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Hinchey
JG
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Gerlach
BG
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Guthrie
TH
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Holden
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Alexander
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Platts
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Melancon
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Hare
WJ
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Jones
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Peterson
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Ryan
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Ehlers1 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 2010 - 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 House · May 5, 2010
Employee Stock Ownership Plan Promotion and Improvement Act of 2010 - 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; and (5) modify certain ESOP stock ownership rules.
Amends the Small Business Act to allow a majority-owned ESOP business concern to continue to qualify for loans, preferences, and other programs under such Act.
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 2010
Latest action (May 5, 2010): Referred to House Small Business
Policy area: Taxation · Origin: House · Introduced: May 5, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.