3.0.0 1788 2023-01-11T13:38:36Z 2023-01-11T13:38:36Z Senate S 2017-09-11 115 ssfi00 Finance Committee Senate Standing Referred to 2017-09-11T22:27:47Z 2017-09-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-09-11 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-09-11 True Taxation Taxation 00 2017-09-11 Introduced in Senate 2018-04-06T14:31:03Z Worker Owned Wealth Act

This bill establishes a loan program and tax incentives to assist employee stock ownership plans (ESOPs).

The Department of the Treasury must establish in each field office an Employer Ownership Revolving Loan Fund to make: (1) low-interest loans to business owners seeking to establish employee ownership in the business, and (2) loan guarantees to private lenders who make loans to ESOPs.

The bill amends the Internal Revenue Code to exclude from gross income a limited amount of the interest received from loans to a corporation or an ESOP to acquire or transfer employer securities for an ESOP that meets specified requirements.

The bill also imposes a 10% tax on a disposition of certain employer securities by an ESOP: (1) within three years of the acquisition of the securities, subject to specified conditions; or (2) if the securities or the proceeds from the disposition have not been allocated to participants or their beneficiaries.

The bill modifies the limitation on the deductibility of executive compensation of publicly held corporations to: (1) require a corporation that uses the performance-based compensation exception to be at least 5% employee-owned under an employee stock program, and (2) modify the definition of "publicly held corporation."

The bill establishes within the National Economic Council the Office of Employee Ownership and Worker Empowerment to provide educational and technical assistance, raise awareness, and report to Congress regarding employee ownership in companies.

]]> Worker Owned Wealth Act Display Title Worker Owned Wealth Act Short Titles as Introduced Worker Owned Wealth Act Official Title as Introduced A bill to encourage companies to expand employee ownership, and for other purposes. Introduced in Senate 2017-09-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1788is/xml/BILLS-115s1788is.xml 2017-09-11 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.