H.R. 1244 · 112th Congress
Promotion and Expansion of Private Employee Ownership Act of 2011
- Stage
- In committee
- Sponsor
- David Reichert
- Introduced
- 2011-03-29
- Latest action
- 2011-04-15 · Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Summary
Promotion and Expansion of Private Employee Ownership Act of 2011 - Amends the Internal Revenue Code to: (1) 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 employer stock ownership plan (ESOP); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.
Directs the Secretary of the Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
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.