HR 4896 · 118th Congress · Taxation
Promotion and Expansion of Private Employee Ownership Act of 2023
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Education and the Workforce, 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.(2023-07-26)
Plain Language Summary
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Promotion and Expansion of Private Employee Ownership Act of 2023 This bill accelerates to the enactment date of this bill the deferral of tax (currently, after December 31, 2027) on sales of employer stock to employee stock ownership plans (ESOPs) sponsored by S corporations. It also eliminates the limitation on the amount that may be deferred. The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The office must provide education and outreach about the benefits of employee ownership of S corporations and technical assistance to assist S corporations in sponsoring ESOPs. The bill directs the Department of Labor to appoint an Advocate for Employee Ownership.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (20)
10 Democrats10 Republicans