3.0.0 6370 2023-01-11T13:34:02Z 2023-01-11T13:34:02Z House HR 2016-11-17 114 [Congressional Record Volume 162, Number 165 (Thursday, November 17, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HOLDING:H.R. 6370.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States Constitution[Page H6301]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-11-17T14:02:35Z 2016-11-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-11-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-11-17 Introduced in House IntroReferral 1000 9 Library of Congress H001065 Rep. Holding, George [R-NC-13] George Holding R NC 13 N L000263 Rep. Levin, Sander M. [D-MI-9] SANDER LEVIN D MI M. 9 2016-11-17 True S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2016-11-17 True Taxation Business investment and capital Employee benefits and pensions Sales and excise taxes Securities Social work, volunteer service, charitable organizations Tax-exempt organizations Taxation 00 2016-11-17 Introduced in House 2017-05-09T13:48:51Z This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise.

The bill applies to any voting stock that is: (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from a stock bonus or profit sharing plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.

]]> To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans. Display Title To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans. Official Title as Introduced To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans. Introduced in House IH Introduced in House 2016-11-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6370ih/xml/BILLS-114hr6370ih.xml 2016-11-17 Referred to the House Committee on Ways and Means. 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.