HR 1244

112th CONGRESS
1st Session

H. R. 1244

To amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 29, 2011

Mr. REICHERT (for himself, Mr. KIND, Mr. BOUSTANY, Mr. BLUMENAUER, Mr. PAULSEN, and Mr. PASCRELL) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes.

SECTION 1. SHORT TITLE.

SEC. 2. FINDINGS.

SEC. 3. DEFERRAL OF TAX FOR CERTAIN SALES OF EMPLOYER STOCK TO EMPLOYEE STOCK OWNERSHIP PLAN SPONSORED BY S CORPORATION.

SEC. 4. DEDUCTION FOR INTEREST ON LOAN TO FINANCE PURCHASE OF EMPLOYER SECURITIES BY AN EMPLOYEE STOCK OWNERSHIP PLAN SPONSORED BY AN S CORPORATION.

`SEC. 200. INTEREST ON CERTAIN LOANS FOR THE PURCHASE OF EMPLOYER SECURITIES BY AN EMPLOYEE STOCK OWNERSHIP PLAN SPONSORED BY AN S CORPORATION.

SEC. 5. DEPARTMENT OF TREASURY TECHNICAL ASSISTANCE OFFICE.

SEC. 6. SMALL BUSINESS AND EMPLOYEE STOCK OWNERSHIP.

`SEC. 45. EMPLOYEE STOCK OWNERSHIP PLANS.

END