Promotion and Expansion of Private Employee Ownership Act of 2023

Hozzl · 2023-12-15T16:01:22Z

Explore the details of House Bill 5011 Promotion and Expansion of Private Employee Ownership Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:01 PM

Congressional Summary of HR 5011

Promotion and Expansion of Private Employee Ownership Act of 2023

This bill accelerates to the enactment date of this bill the deferral of tax (currently, after December 31, 2027) on sales of employer stock to employee stock ownership plans (ESOPs) sponsored by S corporations. It also eliminates the limitation on the amount that may be deferred.

The Department of the Treasury must establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations. The office must provide education and outreach about the benefits of employee ownership of S corporations and technical assistance to assist S corporations in sponsoring ESOPs.

The bill directs the Department of Labor to appoint an Advocate for Employee Ownership.

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Current Status of Bill HR 5011

Bill HR 5011 is currently in the status of Bill Introduced since July 27, 2023. Bill HR 5011 was introduced during Congress 118 and was introduced to the House on July 27, 2023. Bill HR 5011's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committees on Small Business, and Education and the Workforce, 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. as of July 27, 2023

Bipartisan Support of Bill HR 5011

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5011

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 5011

Promotion and Expansion of Private Employee Ownership Act of 2023

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.