ESOP Promotion Act of 1999

[AI summary unavailable — showing source text] ESOP Promotion Act of 1999 - Amends Internal Revenue Code provisions relating to deductions for dividends paid on certain employer securities to allow dividends of employee stock ownership plans (ESOP) to be reinvested without loss of the dividend deduction. Allows ESOP closely-held corporate sponsors to pay estate tax if an estate transferred the stock of the corporation to an ESOP. Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event. Permits, without payment of the ten-percent additional tax on early distributions from qualified retirement plans and under specified conditions, early distributions from employee stock ownership plans for qualified higher education expenses and qualified first-time homebuyer purchases.…