HR 2088 103th Congress House Taxation Corporation taxes Dividends Employee ownership Estate tax Excise tax Income tax Minimum tax Pension funds Small business Stocks Tax exclusion Tax penalties Tax-deferred compensation plans

ESOP Promotion and Improvement Act of 1993

Introduced: May 12, 1993 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 12, 1993

Referred to the House Committee on Ways and Means.

May 12, 1993

Sponsor introductory remarks on measure. (CR E1224-1225)

May 12, 1993

Introduced in House

Plain-English summary Congressional Research Service

ESOP Promotion and Improvement Act of 1993 - Amends the Internal Revenue Code to allow S corporations (certain small business corporations) to participate in employee stock ownership plans (ESOPs).

Permits ESOP participants whose compensation does not exceed a certain amount to contribute up to 50 percent of it to the plan.

Allows ESOP closely-held corporate sponsors to pay estate tax if an estate transferred the stock of the corporation to an ESOP.

Allows the deductibility of ESOP dividends in computing alternative minimum tax.

Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event.

What's happening now May 12, 1993

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1