US HB7244 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on June 18 2020 - 25% progression, died in committee
Action: 2020-06-18 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 18 2020 - 25% progression, died in committee
Action: 2020-06-18 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise. The bill applies to any voting stock that is (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from an employee stock ownership plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.
Title
To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
Sponsors
Rep. Mario Diaz-Balart [R-FL] | Rep. Daniel Kildee [D-MI] | Rep. John Rutherford [R-FL] |
History
Date | Chamber | Action |
---|---|---|
2020-06-18 | House | Referred to the House Committee on Ways and Means. |
2020-06-18 | House | Introduced in House |
Same As/Similar To
SB2423 (Same As) 2019-08-01 - Read twice and referred to the Committee on Finance.
Subjects
Business investment and capital
Employee benefits and pensions
Sales and excise taxes
Securities
Social work, volunteer service, charitable organizations
Tax-exempt organizations
Taxation
Employee benefits and pensions
Sales and excise taxes
Securities
Social work, volunteer service, charitable organizations
Tax-exempt organizations
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/7244/all-info |
Text | https://www.congress.gov/116/bills/hr7244/BILLS-116hr7244ih.pdf |