A bill to amend the Internal Revenue Code of 1986 to restrict the partial exclusion from income of interest on loans used to acquire employer securities to cases where employees receive a significant ownership interest in a corporation, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to restrict the partial exclusion from income of interest on loans used to acquire employer securities to cases where the employee stock ownership plan owns at least 20 percent of: (1) each class of outstanding stock of the issuing corporation; or (2) the total value of all outstanding stock of the corporation. Limits securities acquisition loans to terms of 15 years. Limits the partial exclusion to loans of $100,000,000 or less except for employee stock ownership plans that own at least 50 percent of the corporation's stock. Imposes an excise tax on: (1) the disposition of employer securities within three years of acquisition; and (2) any disposition of such securities before allocation to participant accounts, where the proceeds of disposition are not allocated to such accounts either.…