S 1589
115th Congress
Senate
Taxation
Capital gains tax
Department of the Treasury
Employee benefits and pensions
Executive agency funding and structure
Income tax deferral
Securities
Small business
Promotion and Expansion of Private Employee Ownership Act of 2017
Introduced: July 19, 2017
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 19, 2017
Read twice and referred to the Committee on Finance.
Jul 19, 2017
Introduced in Senate
Plain-English summary
Promotion and Expansion of Private Employee Ownership Act of 2017
This bill amends the Internal Revenue Code to 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 employee stock ownership plan (ESOP).
The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
The bill also 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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1