A bill to amend the Internal Revenue Code of 1954 to limit the application of 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 repeal the voting rights pass through requirement as it applies to employee stock ownership plans of closely-held corporations.
Allows the acquisition of nonvoting common stock by employee stock ownership plans if the employer has a class of nonvoting common stock outstanding and the specific shares acquired have been issued and outstanding for at least 24 months.
Committee on Finance requested executive comment from OMB, Treasury Department.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line