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H.R.2092 - Promotion and Expansion of Private Employee Ownership Act of 2017115th Congress (2017-2018) |

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Sponsor: Rep. Reichert, David G. [R-WA-8] (Introduced 04/12/2017)
Committees: House - Ways and Means; Education and the Workforce; Small Business
Latest Action: House - 04/12/2017 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.  (All Actions)

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This bill has the status Introduced

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Became Law

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Summary: H.R.2092 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.2092. Bill summaries are authored by CRS.

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Introduced in House (04/12/2017)

Promotion and Expansion of Private Employee Ownership Act of 2017

This bill 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 employee stock ownership plan (ESOP); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

This bill also 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.