HB6440: To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
Plain-language summary
This bill would change how the federal government counts stock ownership for a specific tax rule about private foundations. Private foundations face penalties if they own too much stock in a business, but this bill would exclude certain employee-owned stock from that count. Employee stock ownership plans, or ESOPs, let workers buy company stock as part of their retirement savings. The bill would treat stock purchased through these plans as if it doesn't count against ownership limits. The bill was introduced in Congress and is currently in the early stage of the legislative process.
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HB6440: To amend the Internal Revenue Code of 1986 for purposes of the tax on private f…