Promotion and Expansion of Private Employee Ownership Act of 2023

Bill 118 hr 4896, also known as the Promotion and Expansion of Private Employee Ownership Act of 2023, aims to encourage and support the growth of employee-owned businesses in the United States. The bill seeks to provide incentives and resources for companies to transition to employee ownership structures, such as employee stock ownership plans (ESOPs) and worker cooperatives.

The legislation includes provisions for grants and technical assistance to help businesses navigate the process of becoming employee-owned. It also establishes a national center for employee ownership to provide education and training on the benefits and mechanics of employee ownership.

Additionally, the bill includes tax incentives for businesses that choose to become employee-owned, such as capital gains tax deferrals for selling business ownership to employees. This is intended to make the transition to employee ownership more financially feasible for businesses. Overall, the Promotion and Expansion of Private Employee Ownership Act of 2023 aims to promote economic democracy and wealth distribution by empowering workers to have a stake in the companies they work for. It is a bipartisan effort to support and expand the growing trend of employee ownership in the United States.