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H.R. 5011 118th Congress House

Promotion and Expansion of Private Employee Ownership Act of 2023

Official title: To amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.

Introduced: July 27, 2023 Introduced by: Mike Kelly Republican · Pennsylvania See on congress.gov
Taxation
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2023
Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Education and the Workforce, 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.
Jul 27, 2023
Introduced in House
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 Latest action July 27, 2023

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

 Plain-English summary Congressional Research Service

Promotion and Expansion of Private Employee Ownership Act of 2023

This bill accelerates to the enactment date of this bill the deferral of tax (currently, after December 31, 2027) on sales of employer stock to employee stock ownership plans (ESOPs) sponsored by S corporations. It also eliminates the limitation on the amount that may be deferred.

The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The office must provide education and outreach about the benefits of employee ownership of S corporations and technical assistance to assist S corporations in sponsoring ESOPs.

The bill directs the Department of Labor to appoint an Advocate for Employee Ownership.

 Related & companion bills 2
  • HR 4896 Identical bill Promotion and Expansion of Private Employee Ownership Act of 2023
  • S 2515 Identical bill Promotion and Expansion of Private Employee Ownership Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Lobbying activity 1

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

 Cosponsors 7
All 7 Democratic 2 Republican 2
Blumenauer, Earl
· Jul 27, 2023
 D
Davis, Danny K.
Illinois · Jul 27, 2023
 R
Estes, Ron
Kansas · Jul 27, 2023
 R
Miller, Carol D.
West Virginia · Jul 27, 2023
Pascrell, Bill
· Jul 27, 2023
 D
Sewell, Terri A.
Alabama · Jul 27, 2023
Wenstrup, Brad
· Jul 27, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5011: Promotion and Expansion of Private Employee Ownership Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-5011/
MLA
"H.R. 5011: Promotion and Expansion of Private Employee Ownership Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-5011/.
Bluebook (legal)
H.R. 5011, 118th Cong. (2026), https://openamerica.io/bill/118-HR-5011/.
Markdown link
[H.R. 5011: Promotion and Expansion of Private Employee Ownership Act of 2023](https://openamerica.io/bill/118-HR-5011/)
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