US SB101 | 2011-2012 | 112th Congress

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 25 2011 - 25% progression, died in committee
Action: 2011-01-25 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Employee Stock Ownership Plan Promotion and Improvement Act of 2011- 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.

Tracking Information

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Title

Employee Stock Ownership Plan Promotion and Improvement Act of 2011

Sponsors


History

DateChamberAction
2011-01-25SenateRead twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments 750

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