US Congress House Bill 5719 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on September 26 2016 - 50% progression, died in chamber
Action: 2016-09-26 - Received in the Senate.
Text: Latest bill text (Engrossed) [PDF]

Empowering Employees through Stock Ownership Act (Sec. 2) This bill amends the Internal Revenue Code to allow an employee to elect to defer, for income tax purposes, income attributable to certain stock transferred to the employee by an employer. The employee may defer the inclusion of income from the stock until the year that includes the earliest of the dates on which: the stock becomes transferable; the employee becomes an excluded employee; stock of the corporation becomes readily tradable on an established securities market; seven years have passed after the rights of the employee in the stock are transferable or are not subject to a substantial risk of forfeiture, whichever occurs earlier; or the employee revokes the election with respect to the stock. The stock must meet specified requirements and be transferred to the employee from an eligible corporation in connection with the performance of services as an employee. A corporation is eligible if: (1) no stock of the corporation or a predecessor of the corporation is readily tradable on an established securities market during any preceding calendar year, and (2) it has a written plan under which at least 80% of all employees who provide services to the corporation in the United States (or a U.S. possession) are granted stock options, or restricted stock units, with the same rights and privileges to receive qualified stock. Employees are excluded if they: (1) are a 1% owner, the chief executive officer, or the chief financial officer of the corporation or have been at any time during the 10 preceding calendar years; (2) are a family member of the specified individuals; or (3) have been one of the four highest compensated officers of the corporation during any of the 10 preceding taxable years. The corporation transferring stock must notify employees regarding the option of deferring income and meet specified withholding and reporting requirements.

Empowering Employees through Stock Ownership Act

Rep. Erik Paulsen [R-MN]

Rep. Joseph Crowley [D-NY]

Rep. Anna Eshoo [D-CA]

Rep. Randy Hultgren [R-IL]

2016-09-22 - House - On Passage (Y: 287 N: 124 NV: 20 Abs: 0) [PASS]
2016-09-22 - House - On Passage (Y: 287 N: 124 NV: 20 Abs: 0) [PASS]

Date	Chamber	Action
2016-09-26	Senate	Received in the Senate.
2016-09-22	House	Motion to reconsider laid on the table Agreed to without objection.
2016-09-22	House	On passage Passed by the Yeas and Nays: 287 - 124 (Roll no. 544). (text of amendment in the nature of a substitute: CR H5822-5824)
2016-09-22	House	Considered as unfinished business. (consideration: CR H5719-5835)
2016-09-22	House	POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 5719, the Chair put the question on passage and by voice vote, announced that the ayes had prevailed. Mr. Crowley demanded the yeas and nays and the Chair postponed further proceedings on passage of the bill until a time to be announced.
2016-09-22	House	The previous question was ordered pursuant to the rule. (consideration: CR H5829)
2016-09-22	House	DEBATE - The House proceeded with one hour of debate on H.R. 5719.
2016-09-22	House	Rule provides for consideration of H.R. 3438 and H.R. 5719. The resolution provides for one hour of general debate on H.R. 3438 and H.R. 5719. The resolution provides that it shall be in order at any time on the legislative day of September 22, 2016 or September 23, 2016, for the Speaker to entertain motions that the House suspend the rules.
2016-09-22	House	Considered under the provisions of rule H. Res. 875. (consideration: CR H5822-5830)
2016-09-21	House	Rule H. Res. 875 passed House.
2016-09-20	House	Rules Committee Resolution H. Res. 875 Reported to House. Rule provides for consideration of H.R. 3438 and H.R. 5719. The resolution provides for one hour of general debate on H.R. 3438 and H.R. 5719. The resolution provides that it shall be in order at any time on the legislative day of September 22, 2016 or September 23, 2016, for the Speaker to entertain motions that the House suspend the rules.
2016-09-16	House	Placed on the Union Calendar, Calendar No. 581.
2016-09-16	House	Reported (Amended) by the Committee on Ways and Means. H. Rept. 114-748.
2016-09-14	House	Ordered to be Reported (Amended) by Voice Vote.
2016-09-14	House	Committee Consideration and Mark-up Session Held.
2016-07-11	House	Referred to the House Committee on Ways and Means.
2016-07-11	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5719/all-info
Text	https://www.congress.gov/114/bills/hr5719/BILLS-114hr5719ih.pdf
Text	https://www.congress.gov/114/bills/hr5719/BILLS-114hr5719rh.pdf
Text	https://www.congress.gov/114/bills/hr5719/BILLS-114hr5719eh.pdf
Roll Call	https://clerk.house.gov/Votes/2016544