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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.

USA116th CongressHR-7244| House 
| Updated: 6/18/2020
Mario Diaz-Balart

Mario Diaz-Balart

Republican Representative

Florida

Cosponsors (2)
Daniel T. Kildee (Democratic)John H. Rutherford (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Bill from Previous Congress

HR 115-2293
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.
Aug 1, 2019

Latest Companion Bill Action

S 116-2423
Introduced in Senate
Jun 18, 2020
Introduced in House
Jun 18, 2020
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 115-2293
    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.


  • August 1, 2019

    Latest Companion Bill Action

    S 116-2423
    Introduced in Senate


  • June 18, 2020
    Introduced in House


  • June 18, 2020
    Referred to the House Committee on Ways and Means.

Taxation

Related Bills

  • S 116-2423: 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.
Business investment and capitalEmployee benefits and pensionsSales and excise taxesSecuritiesSocial work, volunteer service, charitable organizationsTax-exempt organizations

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.

USA116th CongressHR-7244| House 
| Updated: 6/18/2020
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 115-2293
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.
Aug 1, 2019

Latest Companion Bill Action

S 116-2423
Introduced in Senate
Jun 18, 2020
Introduced in House
Jun 18, 2020
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 115-2293
    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.


  • August 1, 2019

    Latest Companion Bill Action

    S 116-2423
    Introduced in Senate


  • June 18, 2020
    Introduced in House


  • June 18, 2020
    Referred to the House Committee on Ways and Means.
Mario Diaz-Balart

Mario Diaz-Balart

Republican Representative

Florida

Cosponsors (2)
Daniel T. Kildee (Democratic)John H. Rutherford (Republican)

Ways and Means Committee

Taxation

Related Bills

  • S 116-2423: 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.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business investment and capitalEmployee benefits and pensionsSales and excise taxesSecuritiesSocial work, volunteer service, charitable organizationsTax-exempt organizations