3.0.0 1322 2023-01-11T16:32:42Z 2023-01-11T16:32:42Z Senate S S 2007-05-07 110 ssfi00 Finance Committee Senate Standing Referred to 2007-05-07T22:24:21Z 2007-05-07 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-05-07 Introduced in Senate IntroReferral 10000 9 Library of Congress L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT N C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2007-06-14 False L000550 Sen. Landrieu, Mary L. [D-LA] MARY LANDRIEU D LA 2007-06-27 False L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2007-07-10 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2007-07-10 False Taxation Commerce Corporation taxes Dividends Employee ownership Finance and Financial Sector Income tax Investments Labor and Employment Minimum tax Pension funds Stocks Tax deductions Tax deferral Tax exclusion Tax penalties Taxation

00 2007-05-07 Introduced in Senate 2007-06-01T19:18:30Z Employee Stock Ownership Plan Promotion and Improvement Act of 2007 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOPs sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; (5) modify certain ESOP stock ownership rules; and (6) allow a de minimis exception from pension plan investment diversification requirements for ESOP accounts with balances of $2,500 or less.

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Display Title Official Title as Introduced Introduced in Senate IS Short Titles as Introduced Introduced in Senate 2007-05-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1322is/xml/BILLS-110s1322is.xml 2007-05-07 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.