In the 115th Congress, Representatives Dave Reichert (R-WA) and Ron Kind (D-WI) introduced the Promotion and Expansion of Private Employee Ownership Act (H.R. 2092) to help more Americans gain retirement savings and security through private employee ownership. Specifically, the bill seeks to:
- Incentivize owners of S corporations to sell their stock to an ESOP;
- Encourage the flow of bank capital to ESOP-owned S corporations;
- Provide needed technical assistance for companies that may be interested in forming an S ESOP;
- Ensure small businesses that become ESOPs retain their SBA certification ; and
- Affirm the importance of preserving the S ESOP structure in the Internal Revenue Code.
You can read the text of the House bill (H.R. 2092) in the 115th Congress here.
Current list of cosponsors for the House bill (H.R. 2092) in the 115th Congress:
Rep. Dave Reichert (R-WA-8) – Lead
Rep. Pat Tiberi (R-OH-12)
Rep. Erik Paulsen (R-MN-03)
Rep. Ron Kind (D-WI-3) – Lead
Rep. Earl Blumenauer (D-OR-3)
Rep. Bill Pascrell (D-NJ-8)
Rep. Richard Neal (D-MA-1)