A bill to amend the Internal Revenue Code of 1986 to preserve critical elements of the United States defense industrial base during a time of significant reductions in defense spending, to facilitate where necessary the conversion of defense industrial firms to civilian uses, to minimize the dislocation of workers during this transition, to protect United States industrial and technological competitiveness, and to promote wider employee ownership.
Defense Industry ESOP Act of 1990 - Amends the Internal Revenue Code to provide for the exclusion of interest on loans used to enable employees to acquire employer securities of certain defense contractors.
Provides an extension of time for payment of the tax attributable to the sale of such securities.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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