HR 1244 112th Congress House Taxation Department of the Treasury Employee benefits and pensions Executive agency funding and structure Income tax deductions Income tax deferral Interest, dividends, interest rates Securities Small business

Promotion and Expansion of Private Employee Ownership Act of 2011

Introduced: March 29, 2011 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 15, 2011

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

Mar 29, 2011

Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Small Business, 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.

Mar 29, 2011

Introduced in House

Plain-English summary Congressional Research Service

Promotion and Expansion of Private Employee Ownership Act of 2011 - 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); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

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

Amends the Small Business Act to define "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.

What's happening now April 15, 2011

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

Committees of jurisdiction 4