S 748 · 98th Congress · Labor and Employment

Employee Stock Ownership Plan Expansion Act

Introduced 1983-03-10· Sponsored by Sen. Dixon, Alan J. [D-IL]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Committee on Finance requested executive comment from OMB, Treasury Department.(1983-03-16)

Plain Language Summary

[AI summary unavailable — showing source text] Employee Stock Ownership Plan Expansion Act - Amends the Internal Revenue Code to repeal the voting rights pass through requirement as it applies to employee stock ownership plans of closely-held corporations. Allows the acquisition of nonvoting common stock by employee stock ownership plans if the employer has a class of nonvoting common stock outstanding and the specific shares acquired have been issued and outstanding for at least 24 months.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (2)

1 Democrat1 Republican
Sen. Stevens, Ted [R-AK]AK
Sen. Long, Russell B. [D-LA]LA