A bill to amend the Internal Revenue Code of 1954 to limit the application of the stock voting rights pass through to certain employee stock ownership plans, and for other purposes.
Employee Stock Ownership Plan Expansion Act - Amends the Internal Revenue Code to limit the application of the stock voting rights pass through requirements to only those employee stock ownership plans which elect to take the employee stock ownership tax credits.
Allows such plans to acquire nonvoting stock provided such plans elect not to take the employee stock ownership tax credits.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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