A bill to amend the Internal Revenue Code of 1954 to limit the application of the stock voting rights passthrough 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.
Referred to House Committee on Ways and Means.
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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