A bill to amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 24, 2017)
This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise.
The bill applies to any voting stock that is: (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from an employee stock ownership plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.
What just happenedJul 24, 2017
Read twice and referred to the Committee on Finance.
Who’s behind it
- Introduced in SenateJul 24, 2017
- Jul 24, 2017IntroReferral
Read twice and referred to the Committee on Finance.
Finance Committee - Jul 24, 2017IntroReferral10000
Introduced in Senate