[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5347 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 5347

    To amend the Small Business Act to allow certain small business 
concerns that have employee stock ownership plans to qualify as HUBZone 
                        small business concerns.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 9, 2002

  Mr. Baird introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
    To amend the Small Business Act to allow certain small business 
concerns that have employee stock ownership plans to qualify as HUBZone 
                        small business concerns.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. QUALIFICATION OF CERTAIN SMALL BUSINESS CONCERNS WITH 
              EMPLOYEE STOCK OWNERSHIP PLANS AS HUBZONE SMALL BUSINESS 
              CONCERNS.

    Section 3(p)(3) of the Small Business Act (15 U.S.C. 632(p)(3)) is 
amended by adding at the end the following:
        ``In the case of a small business concern that is incorporated 
        in the United States and the employees of which are 
        participating in an employee stock ownership plan that holds 
        securities of such concern, subparagraph (A) shall be applied 
        without regard to any stock attributable to such employee stock 
        ownership plan.''.
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