3.0.0 1416 2026-01-14T13:38:28Z 2026-01-14T13:38:28Z Senate S S 2025-04-10 119 https://www.congress.gov/bill/119th-congress/senate-bill/1416 ssfi00 Finance Committee Senate Standing Referred To 2025-04-10T16:12:56Z 119 2014 HR 2025-03-10 Referred to the House Committee on Ways and Means. Related bill CRS 2025-04-10 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2025-04-10 Introduced in Senate IntroReferral 10000 9 Library of Congress S001217 Sen. Scott, Rick [R-FL] Rick Scott R FL N Taxation Taxation 2025-05-12T20:13:40Z

00 2025-04-10 Introduced in Senate 2026-01-14T13:36:48Z <p><strong>Reduction of Excess Business Holding Accrual Act</strong></p><p>This bill treats certain stock repurchased by a corporation from an employee stock ownership plan (ESOP) as outstanding voting stock for purposes of the federal excise tax imposed on a private foundation’s excess business holdings. Thus, a private foundation may exclude such stock in calculating present holdings in a corporation and liability for the excise tax. (Exceptions apply.)</p><p>As background, a federal excise tax is imposed on a private foundation that owns&nbsp;more than 20% of the voting stock in a corporation, reduced by the percentage of voting stock held by all disqualified persons (excess business holdings). However, a private foundation with excess business holdings on May 26, 1969 (grandfathered private foundation) may own a greater percentage of voting stock in certain circumstances. </p><p>Under the bill, stock is treated as outstanding voting stock if such stock is</p><ul><li>not readily tradable on an established securities market;</li><li>repurchased from an ESOP on or after January 1, 2020; and</li><li>held by the corporation&nbsp;as treasury stock, cancelled, or retired.</li></ul><p>However, such stock is not treated as outstanding voting stock if it is repurchased within the first 10 years of establishing the ESOP or, as a result of the repurchase, the permitted holdings of the private foundation would exceed 49% of the voting stock in the corporation.</p><p>Finally, under the bill, such stock does not reduce the percentage of voting stock a grandfathered private foundation may own.</p>

Display Title 45 2025-05-02T02:23:17Z Short Title(s) as Introduced 101 2025-05-02T02:23:16Z Introduced in Senate IS Official Title as Introduced 6 2025-05-02T02:18:22Z Introduced in Senate IS Introduced in Senate 2025-04-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119s1416is/xml/BILLS-119s1416is.xml 2025-04-10 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.