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 house (Nov 15, 2023)
This bill excludes certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the excise 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 happenedNov 15, 2023
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseNov 15, 2023
- Nov 15, 2023IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Nov 15, 2023IntroReferralIntro-H
Introduced in House
- Nov 15, 2023IntroReferral1000
Introduced in House