H.R. 6440 · 118th Congress
To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business…
Full title
To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SteubeSponsorNo cosponsors.
This bill excludes certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the excise tax on excess business holdings of a private foundation in a business enterprise.
What it does: CRS summary · Introduced in House · Nov 15, 2023
This bill excludes certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the excise tax on excess business holdings of a private foundation in a business enterprise.
The bill applies to any voting stock that is (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from an employee stock ownership plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
Latest action (Nov 15, 2023): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Nov 15, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.