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Promotion and Expansion of Private Employee Ownership Act of 2023

USA118th CongressHR-4896| House 
| Updated: 7/26/2023
Mike Kelly

Mike Kelly

Republican Representative

Pennsylvania

Cosponsors (62)
Dusty Johnson (Republican)Dwight Evans (Democratic)Adrian Smith (Republican)Chris Pappas (Democratic)Marc A. Veasey (Democratic)Jake LaTurner (Republican)Robin L. Kelly (Democratic)Ed Case (Democratic)Emanuel Cleaver (Democratic)Mark Alford (Republican)Darin LaHood (Republican)C. A. Dutch Ruppersberger (Democratic)Zachary Nunn (Republican)Glenn Thompson (Republican)Mike Carey (Republican)Claudia Tenney (Republican)Brad R. Wenstrup (Republican)Terri A. Sewell (Democratic)Young Kim (Republican)Jimmy Panetta (Democratic)David Rouzer (Republican)John R. Curtis (Republican)Jerry L. Carl (Republican)Andrea Salinas (Democratic)Angie Craig (Democratic)Thomas R. Suozzi (Democratic)Danny K. Davis (Democratic)Daniel T. Kildee (Democratic)Ro Khanna (Democratic)Lloyd Smucker (Republican)Jasmine Crockett (Democratic)Don Bacon (Republican)Brendan F. Boyle (Democratic)Mike Flood (Republican)Carol D. Miller (Republican)Mark DeSaulnier (Democratic)Dean Phillips (Democratic)Brittany Pettersen (Democratic)Glenn Grothman (Republican)Nicholas A. Langworthy (Republican)Ron Estes (Republican)W. Gregory Steube (Republican)Blake D. Moore (Republican)John R. Moolenaar (Republican)Scott Fitzgerald (Republican)Sharice Davids (Democratic)Larry Bucshon (Republican)Joe Neguse (Democratic)Sam Graves (Republican)Janice D. Schakowsky (Democratic)Julia Brownley (Democratic)Brian K. Fitzpatrick (Republican)Earl Blumenauer (Democratic)Suzanne Bonamici (Democratic)Yadira Caraveo (Democratic)Linda T. Sánchez (Democratic)Gwen Moore (Democratic)Bradley Scott Schneider (Democratic)Robert B. Aderholt (Republican)Bill Pascrell (Democratic)Susan Wild (Democratic)Bryan Steil (Republican)

Small Business Committee, Ways and Means Committee, Education and Workforce Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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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Timeline

Bill from Previous Congress

HR 116-2258
Promotion and Expansion of Private Employee Ownership Act of 2019

Bill from Previous Congress

HR 117-4141
Promotion and Expansion of Private Employee Ownership Act of 2021
Jul 26, 2023

Latest Companion Bill Action

S 118-2515
Introduced in Senate
Jul 26, 2023
Introduced in House
Jul 26, 2023
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.
  • Bill from Previous Congress

    HR 116-2258
    Promotion and Expansion of Private Employee Ownership Act of 2019


  • Bill from Previous Congress

    HR 117-4141
    Promotion and Expansion of Private Employee Ownership Act of 2021


  • July 26, 2023

    Latest Companion Bill Action

    S 118-2515
    Introduced in Senate


  • July 26, 2023
    Introduced in House


  • July 26, 2023
    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.

Taxation

Related Bills

  • S 118-2515: Promotion and Expansion of Private Employee Ownership Act of 2023
  • HR 118-5011: Promotion and Expansion of Private Employee Ownership Act of 2023

Promotion and Expansion of Private Employee Ownership Act of 2023

USA118th CongressHR-4896| House 
| Updated: 7/26/2023
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-2258
Promotion and Expansion of Private Employee Ownership Act of 2019

Bill from Previous Congress

HR 117-4141
Promotion and Expansion of Private Employee Ownership Act of 2021
Jul 26, 2023

Latest Companion Bill Action

S 118-2515
Introduced in Senate
Jul 26, 2023
Introduced in House
Jul 26, 2023
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.
  • Bill from Previous Congress

    HR 116-2258
    Promotion and Expansion of Private Employee Ownership Act of 2019


  • Bill from Previous Congress

    HR 117-4141
    Promotion and Expansion of Private Employee Ownership Act of 2021


  • July 26, 2023

    Latest Companion Bill Action

    S 118-2515
    Introduced in Senate


  • July 26, 2023
    Introduced in House


  • July 26, 2023
    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.
Mike Kelly

Mike Kelly

Republican Representative

Pennsylvania

Cosponsors (62)
Dusty Johnson (Republican)Dwight Evans (Democratic)Adrian Smith (Republican)Chris Pappas (Democratic)Marc A. Veasey (Democratic)Jake LaTurner (Republican)Robin L. Kelly (Democratic)Ed Case (Democratic)Emanuel Cleaver (Democratic)Mark Alford (Republican)Darin LaHood (Republican)C. A. Dutch Ruppersberger (Democratic)Zachary Nunn (Republican)Glenn Thompson (Republican)Mike Carey (Republican)Claudia Tenney (Republican)Brad R. Wenstrup (Republican)Terri A. Sewell (Democratic)Young Kim (Republican)Jimmy Panetta (Democratic)David Rouzer (Republican)John R. Curtis (Republican)Jerry L. Carl (Republican)Andrea Salinas (Democratic)Angie Craig (Democratic)Thomas R. Suozzi (Democratic)Danny K. Davis (Democratic)Daniel T. Kildee (Democratic)Ro Khanna (Democratic)Lloyd Smucker (Republican)Jasmine Crockett (Democratic)Don Bacon (Republican)Brendan F. Boyle (Democratic)Mike Flood (Republican)Carol D. Miller (Republican)Mark DeSaulnier (Democratic)Dean Phillips (Democratic)Brittany Pettersen (Democratic)Glenn Grothman (Republican)Nicholas A. Langworthy (Republican)Ron Estes (Republican)W. Gregory Steube (Republican)Blake D. Moore (Republican)John R. Moolenaar (Republican)Scott Fitzgerald (Republican)Sharice Davids (Democratic)Larry Bucshon (Republican)Joe Neguse (Democratic)Sam Graves (Republican)Janice D. Schakowsky (Democratic)Julia Brownley (Democratic)Brian K. Fitzpatrick (Republican)Earl Blumenauer (Democratic)Suzanne Bonamici (Democratic)Yadira Caraveo (Democratic)Linda T. Sánchez (Democratic)Gwen Moore (Democratic)Bradley Scott Schneider (Democratic)Robert B. Aderholt (Republican)Bill Pascrell (Democratic)Susan Wild (Democratic)Bryan Steil (Republican)

Small Business Committee, Ways and Means Committee, Education and Workforce Committee

Taxation

Related Bills

  • S 118-2515: Promotion and Expansion of Private Employee Ownership Act of 2023
  • HR 118-5011: Promotion and Expansion of Private Employee Ownership Act of 2023
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted