A bill to amend the Internal Revenue Code of 1986 to treat the exclusion for certain loans to acquire employer securities as a tax preference for purposes of the minimum tax, and for other purposes.

Summary

Amends the Internal Revenue Code to treat as a tax preference for minimum tax purposes any exempt-interest dividend on a loan to a corporation or employee stock ownership plan (ESOP) that is used to acquire employer securities. Requires any pension plan with respect to which there are substantial ESOP holdings in the employer (at least 35 percent of the employer's stock is held by one or more ESOPs) to provide for a passthrough of voting rights to plan participants and beneficiaries.

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Documents

1 official file

• Introduced in House

  summary · EN · 4 August 1988

  Open at official source

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