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S. 1300 · 117th Congress

Promotion and Expansion of Private Employee Ownership Act of 2021

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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.

BCD CardinSponsor
38 cosponsors · 18 D, 18 R, 2 I

Promotion and Expansion of Private Employee Ownership Act of 2021

What it does: CRS summary · Introduced in Senate · Apr 22, 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 extends to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP.

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 and allows such a concern to continue to qualify as a small business for the purposes of programs under the Small Business Act. An ESOP business concern is a business concern that was a small business concern eligible for a loan, preference, or other program under the Small Business 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 (Apr 22, 2021): Read twice and referred to the Committee on Finance.

Policy area: Taxation · Origin: Senate · Introduced: Apr 22, 2021

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

No recorded floor vote found.