To defer the tax of certain sales of employer stock and reduce certain retirement-related excise taxes, and…

Full title

To defer the tax of certain sales of employer stock and reduce certain retirement-related excise taxes, and for other purposes.

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D KindSponsor

2 cosponsors · 2 R

R Kelly JS

R Smith

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

This bill extends to all domestic corporations (including S corporations) the deferral of tax on certain sales of employer stock to employee stock ownership plans (ESOPs) and reduces certain retirement-related excise taxes.

What it does: CRS summary · Introduced in House · Oct 16, 2020

Specifically, the bill reduces excise tax rates of certain excess accumulations in tax-exempt retirement plans and on failures to take required minimum distributions from such plans. It also allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan.

The bill extends the tax credit for small employer pension plan startup costs to employers that join an existing plan.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: To defer the tax of certain sales of employer stock and reduce certain retirement-related excise taxes, and for other purposes.

Latest action (Oct 16, 2020): Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Policy area: Taxation · Origin: House · Introduced: Oct 16, 2020

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

No recorded floor vote found.