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Employee Ownership Act of 2001

Introduced: June 28, 2001 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 28, 2001
Referred to the House Committee on Ways and Means.
Jun 28, 2001
Introduced in House
 Plain-English summary Congressional Research Service
Employee Ownership Act of 2001 - Declares the policy of the United States that, by the year 2010, 30 percent of all U.S. corporations shall be owned and controlled by their employees.

Amends the Internal Revenue Code to provide for tax-exempt employee-owned and employee-controlled corporation (EOECC) trusts whose primary assets consist of the employer securities of an EOECC.

Declares that: (1) there shall be no tax on the corporate income of an EOECC; and (2) the gross income of an employee owner shall not include any proceeds from the qualified sale of EOECC securities.

Exempts from inclusion in gross income of property transferred in connection with performance of services any transfer (in lieu of compensation) of EOECC securities during the three years following a corporation's election to become an EOECC.

Mandates nonrecognition of gain in the case of the sale or transfer of EOECC securities to an EOECC trust.

Establishes a credit against the estate tax for the amount of EOECC securities considered to have been acquired from or to have passed from a decedent to an EOECC trust.

Directs the Comptroller General to study and report to Congress on Federal regulations and policies affecting EOECCs.

Directs the President to establish a Presidential Commission on Employee Ownership to study and report on all issues that affect ownership of businesses in the United States, with a primary focus on the issues that affect employee ownership of such businesses.

What's happening now June 28, 2001

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 1 Independent 1