H.R. 3586 (111th): S Corporation ESOP Promotion and Expansion Act of 2009

Introduced:
Sep 16, 2009 (111th Congress, 2009–2010)
Sponsor:
Rep. Ron Kind [D-WI3]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 16, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 16, 2009
Cosponsors
33 cosponsors (20D, 13R) (show)
Committees

House Education and the Workforce

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to expand the availability of employee stock ownership plans in S corporations, and for other purposes.

Summary

No summaries available.

Text

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Last updated Sep 16, 2009.
17 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/16/2009--Introduced.
S Corporation ESOP Promotion and Expansion Act of 2009 - Amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employer stock ownership plan (ESOP); (2) allow a tax deduction for interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities; (3) transfer liability for payment of estate tax on transfers of employer securities to an S corporation-sponsored ESOP from the estate executor to the ESOP; and (4) allow an estate tax deduction for 50% of the proceeds from the sale of employer securities to an S corporation-sponsored ESOP. Directs the Secretary of Labor to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.