H.R. 7244
Referred to CommitteeTo 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.
Latest Action
Referred to the House Committee on Ways and Means.
6/18/2020 • House
Summary
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.
Introduced in House • 6/18/2020
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Sponsor & Cosponsors (3)
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Bill Journey
Originated in the House
Introduced
June 18, 2020
Referred to the House Committee on Ways and Means.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law
Text Versions (1)
Related Bills (2)
H.R. 2207
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.
S. 2423
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.