A bill to amend the Internal Revenue Code of 1986 and Employee Retirement Income Security Act of 1974 in order to promote and improve employee stock ownership plans.
ESOP Promotion Act of 1997 - Repeals provisions of the Small Business Job Protection Act of 1996 which made certain employee stock ownership plan (ESOP) benefits inapplicable to S corporations (certain small business corporations).
Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event.
Permits ESOP dividends to be reinvested without losing the dividend deduction.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S3847-3848)
Read twice and referred to the Committee on Finance.
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