S. 742: Promotion and Expansion of Private Employee Ownership Act of 2013

Introduced:
Apr 16, 2013
Status:
Referred to Committee on Apr 16, 2013
Prognosis
0% chance of being enacted
Track this bill

This bill was assigned to a congressional committee on April 16, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Introduced
Apr 16, 2013
Reported by Committee
Passed Senate
Passed House
Signed by the President
 
Sponsor
Benjamin Cardin
Junior Senator from Maryland
Party
Democrat
Text
Read Text »
Last Updated
Apr 16, 2013
Length
6 pages
Related Bills
S. 1512 (112th) was a previous version of this bill.

Referred to Committee
Last Action: Sep 06, 2011

H.R. 4837 (Related)
Promotion and Expansion of Private Employee Ownership Act of 2014

Referred to Committee
Last Action: Jun 11, 2014

 
Full Title

A bill to amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.

Summary

No summaries available.

 
Prognosis

1% chance of getting past committee.
0% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
19 cosponsors (10D, 8R, 1I) (show)
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


4/16/2013--Introduced.
Promotion and Expansion of Private Employee Ownership Act of 2013 - Amends the Internal Revenue Code to 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).
Directs the Secretary of the Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.
Amends the Small Business Act to define "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.

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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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