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]

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.

Tracking Information

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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


History

DateChamberAction
2020-06-18HouseReferred to the House Committee on Ways and Means.
2020-06-18HouseIntroduced in House

Same As/Similar To

SB2423 (Same As) 2019-08-01 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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