HR 3586 111th Congress House Taxation Capital gains tax Corporate finance and management Department of Labor Employee benefits and pensions Executive agency funding and structure Income tax deductions Interest, dividends, interest rates Securities Small business Transfer and inheritance taxes

S Corporation ESOP Promotion and Expansion Act of 2009

Introduced: September 16, 2009 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 16, 2009

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Sep 16, 2009

Referred to House Education and Labor

Sep 16, 2009

Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sep 16, 2009

Referred to House Ways and Means

Sep 16, 2009

Introduced in House

Plain-English summary Congressional Research Service

S Corporation ESOP Promotion and Expansion Act of 2009 - Amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP); (2) allow a tax deduction for interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities; (3) transfer liability for payment of estate tax on transfers of employer securities to an S corporation-sponsored ESOP from the estate executor to the ESOP; and (4) allow an estate tax deduction for 50% of the proceeds from the sale of employer securities to an S corporation-sponsored ESOP.

Directs the Secretary of Labor to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

What's happening now November 16, 2009

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Committees of jurisdiction 3