S. 1589 · 115th Congress
Promotion and Expansion of Private Employee Ownership Act of 2017
- Stage
- In committee
- Sponsor
- Pat Roberts
- Introduced
- 2017-07-19
- Latest action
- 2017-07-19 · Introduced in Senate
Summary
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.