3.0.0 1444 2023-01-11T13:37:34Z 2023-01-11T13:37:34Z Senate S 2017-06-27 115 ssfi00 Finance Committee Senate Standing Referred to 2017-06-27T19:33:44Z An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. 115 1 HR 2017-12-22 Signed by President. Related bill CRS An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. 115 1 S 2017-11-28 Placed on Senate Legislative Calendar under General Orders. Calendar No. 269. Related bill CRS Empowering Employees through Stock Ownership Act 115 3084 HR 2017-06-27 Referred to the House Committee on Ways and Means. Identical bill CRS 2017-06-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-06-27 Introduced in Senate IntroReferral 10000 9 Library of Congress W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. N H001041 Sen. Heller, Dean [R-NV] Dean Heller R NV 2017-06-27 True Taxation Corporate finance and management Employee benefits and pensions Income tax deferral Income tax exclusion Securities Wages and earnings Taxation 00 2017-06-27 Introduced in Senate 2017-11-07T20:27:27Z Empowering Employees through Stock Ownership Act

This bill amends the Internal Revenue Code to allow an employee to elect to defer, for income tax purposes, income attributable to certain stock transferred to the employee by an employer.

The employee may defer the inclusion of income from the stock until the year that includes the earliest of the dates on which:

  • the stock becomes transferable;
  • the employee becomes an excluded employee;
  • stock of the corporation becomes readily tradable on an established securities market;
  • seven years have passed after the rights of the employee in the stock are transferable or are not subject to a substantial risk of forfeiture, whichever occurs earlier; or
  • the employee revokes the election with respect to the stock.

The stock must meet specified requirements and be transferred to the employee from an eligible corporation in connection with the performance of services as an employee.

A corporation is eligible if: (1) no stock of the corporation or a predecessor is readily tradable on an established securities market during any preceding year; and (2) it has a written plan under which at least 80% of certain employees are granted stock options, or restricted stock units, with the same rights and privileges to receive qualified stock.

Employees are excluded if they: (1) are a 1% owner, the chief executive officer, or the chief financial officer of the corporation or have been at any time during the 10 preceding calendar years; (2) are a family member of the specified individuals; or (3) have been one of the four highest compensated officers of the corporation during any of the 10 preceding taxable years.

]]> Empowering Employees through Stock Ownership Act Display Title Empowering Employees through Stock Ownership Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modify the tax treatment of certain equity grants. Introduced in Senate IS Short Titles as Introduced Empowering Employees through Stock Ownership Act Introduced in Senate 2017-06-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1444is/xml/BILLS-115s1444is.xml 2017-06-27 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.