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ESOP Promotion Act of 1997

Introduced: May 14, 1997 See on congress.gov
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 14, 1997
Referred to the House Committee on Ways and Means.
May 14, 1997
Sponsor introductory remarks on measure. (CR E919-910)
May 14, 1997
Introduced in House
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 Plain-English summary Congressional Research Service

ESOP Promotion Act of 1997 - Repeals provisions of the Small Business Job Protection Act of 1996 which made certain employee stock ownership plans (ESOP) benefits inapplicable to S corporations (certain small business corporations).

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

Permits ESOP dividends to be reinvested without losing the dividend deduction.

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.

Allows for a qualified gratuitous transfer of remainder interest in qualified employer securities to an ESOP following the termination of payments to a charitable remainder annuity trust or a charitable remainder unitrust.

Provides that securities acquired by an ESOP in a qualified gratuitous transfer allocated to any person who is related to the decedent or to any person who is a five percent shareholder be treated as having been distributed.

What's happening now May 14, 1997

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3
D
Smith, Adam
Washington · Jun 17, 1997
 D
Davis, Danny K.
Illinois · Jun 12, 1997
 D
Neal, Richard E.
Massachusetts · May 22, 1997
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1592: ESOP Promotion Act of 1997. 105th Congress. Open America. https://openamerica.io/bill/105-HR-1592/
MLA
"H.R. 1592: ESOP Promotion Act of 1997." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-1592/.
Bluebook (legal)
H.R. 1592, 105th Cong. (2026), https://openamerica.io/bill/105-HR-1592/.
Markdown link
[H.R. 1592: ESOP Promotion Act of 1997](https://openamerica.io/bill/105-HR-1592/)
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