US Congress Senate Bill 1612 (Prior Session Legislation)

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August 6 2009 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

Employee Stock Ownership Plan Promotion and Improvement Act of 2009 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOPs sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; and (5) modify certain ESOP stock ownership rules. Amends the Small Business Act to allow a majority-owned ESOP business concern to continue to qualify for loans, preferences, and other programs under such Act.

Employee Stock Ownership Plan Promotion and Improvement Act of 2009

Sen Leahy, Patrick J.	Sen Chambliss, Saxby	Sen Isakson, Johnny	Sen Crapo, Mike
Sen Whitehouse, Sheldon	Sen Snowe, Olympia J.	Sen Lincoln, Blanche L.	Sen Sanders, Bernard
Sen Cantwell, Maria	Sen Landrieu, Mary L.

Date	Chamber	Action
2009-08-06		Read twice and referred to the Committee on Finance.

HB5207 (Related) 2010-05-05 - Referred to House Small Business

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:SN01612:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111s1612is/pdf/BILLS-111s1612is.pdf