ESOP Promotion and Improvement Act of 1991

Summary

ESOP Promotion and Improvement Act of 1991 - Amends the Internal Revenue Code to allow S corporations (certain small business corporations) to participate in employee stock ownership plans (ESOPs). Extends the ESOP exception to the ten percent early withdrawal penalty tax to certain ESOP distributions to employees made at any time. Permits ESOP participants whose compensation does not exceed a certain amount to contribute up to 50 percent of it to the plan. Allows ESOP closely-held corporate sponsors to pay estate tax if an estate transferred the stock of the corporation to an ESOP. Provides that ESOPs and cash or deferred arrangement plans may be combined for the benefit of employees. Amends the Securities Exchange Act of 1934 to allow employees additional time to bid for ownership of their employer if foreign interests are trying to buy such employer.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 May 1991

   Introduced

   Referred to the House Committee on Energy and Commerce.

   Source: IntroReferral

2. 21 May 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 May 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 31 May 1991

   Referred

   Referred to the Subcommittee on Telecommunications and Finance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 21 May 1991

  Open at official source

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Sponsors

• Rep. Anthony, Beryl, Jr. [D-AR-4] · D · Sponsor
• Rep. Ballenger, Cass [R-NC-10] · R · Sponsor
• Rep. Rohrabacher, Dana [R-CA-48] · R · Sponsor
• Rep. Pickle, J. J. [D-TX-10] · D · Sponsor
• Rep. Vander Jagt, Guy [R-MI-9] · R · Sponsor
• Rep. Johnson, Nancy L. [R-CT-5] · R · Sponsor
• Sen. Bunning, Jim [R-KY] · R · Sponsor
• Rep. Goodling, William F. [R-PA-19] · R · Sponsor
• Rep. Hayes, Charles A. [D-IL-1] · D · Sponsor
• Rep. Jontz, Jim [D-IN-5] · D · Sponsor
• Rep. Sawyer, Tom [D-OH-14] · D · Sponsor
• Rep. Gunderson, Steve [R-WI-3] · R · Sponsor
• Rep. Lancaster, H. Martin [D-NC-3] · D · Sponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. McEwen, Bob [R-OH-6] · R · Sponsor
• Rep. Coble, Howard [R-NC-6] · R · Sponsor
• Rep. Wolf, Frank R. [R-VA-10] · R · Sponsor
• Rep. DeLay, Tom [R-TX-22] · R · Sponsor
• Rep. Herger, Wally [R-CA-2] · R · Sponsor
• Rep. Bliley, Tom [R-VA-7] · R · Sponsor
• Rep. Hancock, Mel [R-MO-7] · R · Sponsor
• Rep. Ravenel, Arthur, Jr. [R-SC-1] · R · Sponsor
• Rep. Packard, Ron [R-CA-48] · R · Sponsor
• Rep. McMillan, J. Alex [R-NC-9] · R · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Sponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Sponsor
• Rep. Cox, Christopher [R-CA-48] · R · Sponsor
• Rep. Hunter, Duncan [R-CA-52] · R · Sponsor
• Rep. Solomon, Gerald B. H. [R-NY-22] · R · Sponsor
• Rep. Taylor, Charles H. [R-NC-11] · R · Sponsor
• Rep. Walker, Robert S. [R-PA-16] · R · Sponsor
• Sen. Thomas, Craig [R-WY] · R · Sponsor
• Rep. Paxon, Bill [R-NY-27] · R · Sponsor
• Rep. Doolittle, John T. [R-CA-4] · R · Sponsor
• Rep. Zeliff, William H., Jr. [R-NH-1] · R · Sponsor
• Sen. Kyl, Jon [R-AZ] · R · Sponsor
• Rep. Gallegly, Elton [R-CA-24] · R · Cosponsor
• Rep. Hammerschmidt, John P. [R-AR-3] · R · Cosponsor
• Rep. Camp, Dave [R-MI-4] · R · Cosponsor
• Rep. Sundquist, Don [R-TN-7] · R · Cosponsor
• Rep. Rahall, Nick J., II [D-WV-3] · D · Cosponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Hansen, James V. [R-UT-1] · R · Cosponsor
• Rep. Dickinson, William L. [R-AL-2] · R · Cosponsor
• Rep. Evans, Lane [D-IL-17] · D · Cosponsor
• Rep. Sensenbrenner, F. James, Jr. [R-WI-5] · R · Cosponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Cosponsor
• Rep. Espy, Mike [D-MS-2] · D · Cosponsor

Showing 48 of 85 sponsors and actors.

Related records

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