US Congress Senate Bill 1589 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on July 19 2017 - 25% progression, died in committee
Action: 2017-07-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Promotion and Expansion of Private Employee Ownership Act of 2017 This bill amends the Internal Revenue Code to extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employee stock ownership plan (ESOP). The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The bill also amends the Small Business Act to define "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.

Promotion and Expansion of Private Employee Ownership Act of 2017

Sen. Pat Roberts [R-KS]	Sen. Benjamin Cardin [D-MD]	Sen. Sheldon Whitehouse [D-RI]	Sen. Debbie Stabenow [D-MI]
Sen. Roy Blunt [R-MO]	Sen. Kirsten Gillibrand [D-NY]	Sen. Susan Collins [R-ME]	Sen. Chuck Grassley [R-IA]
Sen. Amy Klobuchar [D-MN]	Sen. Robert Casey [D-PA]	Sen. Al Franken [D-MN]	Sen. Rob Portman [R-OH]
Sen. Mike Crapo [R-ID]	Sen. John Thune [R-SD]	Sen. Jon Tester [D-MT]	Sen. Sherrod Brown [D-OH]
Sen. James Risch [R-ID]	Sen. Jerry Moran [R-KS]	Sen. Maria Cantwell [D-WA]	Sen. Johnny Isakson [R-GA]
Sen. Tammy Baldwin [D-WI]	Sen. Gary Peters [D-MI]	Sen. Claire McCaskill [D-MO]	Sen. John Hoeven [R-ND]
Sen. Deb Fischer [R-NE]	Sen. Angus King [I-ME]	Sen. Christopher Coons [D-DE]	Sen. Joe Donnelly [D-IN]
Sen. Joni Ernst [R-IA]	Sen. Patty Murray [D-WA]	Sen. Jack Reed [D-RI]	Sen. Steve Daines [R-MT]
Sen. John Kennedy [R-LA]	Sen. Thom Tillis [R-NC]	Sen. Patrick Leahy [D-VT]	Sen. Heidi Heitkamp [D-ND]
Sen. Bernard Sanders [I-VT]	Sen. Tammy Duckworth [D-IL]	Sen. Pat Toomey [R-PA]	Sen. Chris Van Hollen [D-MD]

Date	Chamber	Action
2017-07-19	Senate	Read twice and referred to the Committee on Finance.

HB2092 (Related) 2017-04-12 - Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/1589/all-info
Text	https://www.congress.gov/115/bills/s1589/BILLS-115s1589is.pdf