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H.R. 4141 · 117th Congress

Promotion and Expansion of Private Employee Ownership Act of 2021

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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 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

RKD KindSponsor
73 cosponsors · 33 D, 40 R
EBD Blumenauer MKR Kelly BPD Pascrell TRR Reed JSR Smith MBR Brooks DDD Davis JWR Walorski RDR Davis DPD Phillips BBD Boyle DED Evans DKD Kildee RKD Kelly FKR Keller BOR Owens LSD Sánchez LSR Smucker TBR Burchett RCR Crawford BCR Cline BHD Higgins CMR McMorris Rodgers TSD Suozzi VHR Hartzler JCR Curtis YKR Kim MMR Mullin JAR Arrington BWR Wenstrup BMR Moore VTR Taylor NBD Barragán GGR Grothman DTD Titus RAR Aderholt SDD Davids MDD Dean JHR Hagedorn ASR Smith BFD Foster BLR Long BSR Steil PTD Tonko AFR Ferguson TMR Mann JBD Brownley KCR Calvert CRD Ruppersberger MQD Quigley GMD Moore ACD Craig DLR LaHood SFR Fitzgerald KPD Porter SBD Bonamici BFR Fitzpatrick WDR Davidson JLD Langevin TSD Sewell CMR Miller JCR Carl AKD Kim PAD Aguilar JSD Schakowsky CFR Franklin RER Estes ECD Case DJR Johnson AKD Kuster JLD Larson SWD Wild RNR Norman

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 2021

What it does: CRS summary · Introduced in House · Jun 24, 2021

Promotion and Expansion of Private Employee Ownership Act of 2021

This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations.

The bill provides additional tax incentives for ESOPs by (1) extending to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP; and (2) allowing a tax deduction for 50% of the interest received by a bank on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

The bill defines an ESOP business concern for purposes of the Small Business Act as a business concern that was eligible for a loan, preference, or other program under such Act before more than 49% of the business concern was acquired by an ESOP.

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 2021

Latest action (Jun 24, 2021): Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and 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: Jun 24, 2021

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

No recorded floor vote found.