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H.R. 1244 · 112th Congress

Promotion and Expansion of Private Employee Ownership Act of 2011

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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

DRR ReichertSponsor
94 cosponsors · 34 D, 60 R
EBD Blumenauer CBR Boustany RKD Kind BPD Pascrell EPR Paulsen PRR Roskam SGR Graves LJR Jenkins PTR Tiberi RAR Alexander MHD Hinchey LBD Boswell KMR Marchant TPR Platts ECD Cleaver DLD Loebsack DMR Manzullo PWD Welch BBD Braley GPD Peters RBR Berg IRR Ros-Lehtinen DRR Rivera RHR Hultgren MMD Michaud GMD Moore ASD Schwartz ASR Schock TWD Walz JCD Courtney RND Neal PSR Sessions RCD Carnahan DDD Davis VBR Buchanan WAR Akin GGD Green BDR Dold BLR Luetkemeyer LTR Terry DRR Rehberg RGD Grijalva KNR Noem WOD Owens GTR Thompson RFR Frelinghuysen JGR Gerlach TJR Johnson AKR Kinzinger JMD Moran BMD McCollum JWR Walsh MFR Fitzpatrick JMD McGovern JPR Pitts JSD Schakowsky ACD Carson FSR Sensenbrenner JMR Miller RRR Ribble KYR Yoder BGR Goodlatte JCR Culberson SKR King BLR Long SCR Chabot JFR Forbes CMR McMorris Rodgers RHD Holt TMR Marino GWR Walden TLR Latham JLD Lewis POR Olson CPD Pingree CPD Peterson TPR Poe JHR Heck MHD Honda TPR Petri TRR Rokita JBR Bonner BCR Cassidy TRR Reed MTR Turner GCD Connolly FGR Guinta VHR Hartzler MQD Quigley RBR Bishop JBR Biggert SBD Bonamici SSR Stivers ERR Royce

5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Promotion and Expansion of Private Employee Ownership Act of 2011 - 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); and (2) allow a tax deduction for 50%…

What it does: CRS summary · Introduced in House · Mar 29, 2011

Promotion and Expansion of Private Employee Ownership Act of 2011 - 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); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

Directs the Secretary of the Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

Amends the Small Business Act to define "ESOP business concern" and allow such a 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: Promotion and Expansion of Private Employee Ownership Act of 2011

Latest action (Apr 15, 2011): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Policy area: Taxation · Origin: House · Introduced: Mar 29, 2011

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.