Promotion and Expansion of Private Employee Ownership Act of 2017

3.0.0 2092 2023-01-11T13:35:59Z 2023-01-11T13:35:59Z House HR 2017-04-12 115 [Congressional Record Volume 163, Number 64 (Wednesday, April 12, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. REICHERT:H.R. 2092.Congress has the power to enact this legislation pursuantto the following:Pursuant to Clause I of Section 8 of Article I of theUnited States Constitution, specifically Clause 1 (relatingto providing for the general welfare of the United States)and Clause 18 (relating to the power to make all lawsnecessary and proper for carrying out the powers vested inCongress), and Article IV, Section 3, Clause 2 (relating tothe power of Congress to dispose of and make all needfulrules and regulations respecting the territory or otherproperty belonging to the United States).____________________[Page H2802]]]> hssm00 Small Business Committee House Standing Referred to 2017-04-12T15:00:53Z hsed00 Education and the Workforce Committee House Standing Referred to 2017-04-12T15:00:48Z hswm00 Ways and Means Committee House Standing Referred to 2017-04-12T15:00:43Z Promotion and Expansion of Private Employee Ownership Act of 2017 115 1589 S 2017-07-19 Read twice and referred to the Committee on Finance. Related bill CRS 2017-04-12 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. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2017-04-12 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2017-04-12 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. IntroReferral H11100-A 9 Library of Congress 2017-04-12 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-04-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-04-12 Introduced in House IntroReferral 1000 9 Library of Congress R000578 Rep. Reichert, David G. [R-WA-8] David Reichert R WA G. 8 N K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 2017-04-12 True T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2017-04-12 True B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2017-04-12 True P000594 Rep. Paulsen, Erik [R-MN-3] Erik Paulsen R MN 3 2017-04-12 True N000015 Rep. Neal, Richard E. [D-MA-1] RICHARD NEAL D MA E. 1 2017-04-12 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 2017-04-12 True J000290 Rep. Jenkins, Lynn [R-KS-2] Lynn Jenkins R KS 2 2017-04-14 False M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2017-05-08 False M001198 Rep. Marshall, Roger [R-KS-1] Roger Marshall R KS 1 2017-05-08 False P000597 Rep. Pingree, Chellie [D-ME-1] Chellie Pingree D ME 1 2017-05-08 False Y000066 Rep. Young, David [R-IA-3] David Young R IA 3 2017-05-11 False L000565 Rep. Loebsack, David [D-IA-2] David Loebsack D IA 2 2017-05-11 False W000800 Rep. 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[R-PA-8] Brian Fitzpatrick R PA K. 8 2017-06-21 False M001179 Rep. Marino, Tom [R-PA-10] Tom Marino R PA 10 2017-06-29 False K000381 Rep. Kilmer, Derek [D-WA-6] Derek Kilmer D WA 6 2017-06-29 False T000460 Rep. Thompson, Mike [D-CA-5] MIKE THOMPSON D CA 5 2017-07-13 False T000467 Rep. Thompson, Glenn [R-PA-5] Glenn Thompson R PA 5 2017-07-13 False Y000063 Rep. Yoder, Kevin [R-KS-3] Kevin Yoder R KS 3 2017-07-13 False S000244 Rep. Sensenbrenner, F. James, Jr. [R-WI-5] F. SENSENBRENNER R WI JAMES 5 2017-09-05 False G000583 Rep. Gottheimer, Josh [D-NJ-5] Josh Gottheimer D NJ 5 2017-09-05 False B001298 Rep. Bacon, Don [R-NE-2] Don Bacon R NE 2 2017-09-12 False W000799 Rep. Walz, Timothy J. [D-MN-1] Timothy Walz D MN J. 1 2017-09-12 False C000059 Rep. Calvert, Ken [R-CA-42] KEN CALVERT R CA 42 2017-09-12 False G000574 Rep. Gallego, Ruben [D-AZ-7] Ruben Gallego D AZ 7 2017-09-18 False D000616 Rep. DesJarlais, Scott [R-TN-4] Scott DesJarlais R TN 4 2017-09-18 False S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2017-09-18 False C000266 Rep. Chabot, Steve [R-OH-1] STEVE CHABOT R OH 1 2017-09-21 False M001159 Rep. McMorris Rodgers, Cathy [R-WA-5] Cathy McMorris Rodgers R WA 5 2017-09-21 False M001189 Rep. Messer, Luke [R-IN-6] Luke Messer R IN 6 2017-10-05 False K000387 Rep. Knight, Stephen [R-CA-25] Stephen Knight R CA 25 2017-10-12 False E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 2017-10-16 False B001285 Rep. Brownley, Julia [D-CA-26] Julia Brownley D CA 26 2017-10-19 False S000480 Rep. Slaughter, Louise McIntosh [D-NY-25] LOUISE SLAUGHTER D NY M. 25 2017-10-19 False C001110 Rep. Correa, J. Luis [D-CA-46] J. Correa D CA Luis 46 2017-10-24 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2017-10-24 False S001195 Rep. Smith, Jason [R-MO-8] Jason Smith R MO 8 2017-10-31 False R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2017-11-02 False N000127 Rep. Nolan, Richard M. 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Vela, Filemon [D-TX-34] Filemon Vela D TX 34 2018-05-23 False P000611 Rep. Poliquin, Bruce [R-ME-2] Bruce Poliquin R ME 2 2018-05-25 False S001150 Rep. Schiff, Adam B. [D-CA-28] ADAM SCHIFF D CA B. 28 2018-06-05 False K000382 Rep. Kuster, Ann M. [D-NH-2] Ann Kuster D NH M. 2 2018-06-05 False F000464 Rep. Faso, John J. [R-NY-19] John Faso R NY J. 19 2018-06-07 False C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2018-06-12 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2018-06-14 False R000580 Rep. Roskam, Peter J. [R-IL-6] Peter Roskam R IL J. 6 2018-06-26 False W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 2018-08-17 False R000585 Rep. Reed, Tom [R-NY-23] Tom Reed R NY 23 2018-08-17 False L000560 Rep. Larsen, Rick [D-WA-2] RICK LARSEN D WA 2 2018-09-06 False H001065 Rep. Holding, George [R-NC-2] George Holding R NC 2 2018-09-06 False W000815 Rep. Wenstrup, Brad R. [R-OH-2] Brad Wenstrup R OH R. 2 2018-09-07 False H001059 Rep. Hultgren, Randy [R-IL-14] Randy Hultgren R IL 14 2018-09-12 False J000295 Rep. Joyce, David P. [R-OH-14] David Joyce R OH P. 14 2018-09-12 False C001108 Rep. Comer, James [R-KY-1] James Comer R KY 1 2018-09-17 False N000190 Rep. Norman, Ralph [R-SC-5] Ralph Norman R SC 5 2018-09-20 False H001053 Rep. Hartzler, Vicky [R-MO-4] Vicky Hartzler R MO 4 2018-09-25 False A000055 Rep. Aderholt, Robert B. [R-AL-4] ROBERT ADERHOLT R AL B. 4 2018-09-25 False D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2018-10-23 False T000469 Rep. Tonko, Paul [D-NY-20] Paul Tonko D NY 20 2018-10-23 False A000371 Rep. Aguilar, Pete [D-CA-31] Pete Aguilar D CA 31 2018-11-14 False K000379 Rep. Kennedy, Joseph P., III [D-MA-4] Joseph Kennedy D MA P. 4 2018-11-14 False Taxation Capital gains tax 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 Taxation

00 2017-04-12 Introduced in House 2019-07-19T19:18:21Z Promotion and Expansion of Private Employee Ownership Act of 2017

This bill expands tax incentives and federal assistance for employee stock ownership plans (ESOPs) that are sponsored by S corporations.

The bill provides additional tax incentives for ESOPs by (1) extending to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an ESOP; and (2) allowing a tax deduction for 50% of the interest received by a bank on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

The bill defines an "ESOP business concern" and allows such a concern to continue to qualify as a small business for the purposes of programs under the Small Business Act. An "ESOP business concern" is a business concern that was a small business concern eligible for a loan, preference, or other program under the Small Business Act before more than 49% of the business concern was acquired by an ESOP.

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Promotion and Expansion of Private Employee Ownership Act of 2017 Display Title Promotion and Expansion of Private Employee Ownership Act of 2017 Official Title as Introduced 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 in House IH Short Titles as Introduced Promotion and Expansion of Private Employee Ownership Act of 2017 Introduced in House 2017-04-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2092ih/xml/BILLS-115hr2092ih.xml 2017-04-12 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. 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.