HB5011: Promotion and Expansion of Private Employee Ownership Act of 2023
- 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 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.
Plain-language summary
This bill changes tax and small business rules to make employee stock ownership plans (ESOPs) more available in S corporations. An ESOP is an arrangement where employees own shares of stock in their company. The bill amends the Internal Revenue Code and the Small Business Act to expand these plans. It has bipartisan support from eight House members. The bill was recently introduced and is in the early stage of the legislative process.
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HB5011: Promotion and Expansion of Private Employee Ownership Act of 2023
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Sponsors
Mike Kelly
Primary SponsorCo-sponsors (7)
Earl Blumenauer
Brad Wenstrup
Carol Miller
Ron Estes
Bill Pascrell