Employee Stock Ownership Plan Promotion and Improvement Act of 2007

Summary

Employee Stock Ownership Plan Promotion and Improvement Act of 2007 - Amends the Internal Revenue Code to: (1) exempt certain distributions, including dividends, by S corporations to an employee stock ownership plan (ESOP) from the penalty tax for premature employee benefit plan withdrawals; (2) exempt deductions for ESOP dividends from corporate alternative minimum tax adjustments based on adjusted earnings and profits; (3) allow deferral of the recognition of gain for certain sales to ESOPs sponsored by any domestic corporation, including S corporations; (4) allow reinvestment of ESOP stock proceeds eligible for nonrecognition of gain in certain mutual funds; (5) modify certain ESOP stock ownership rules; and (6) allow a de minimis exception from pension plan investment diversification requirements for ESOP accounts with balances of $2,500 or less.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 May 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 May 2007

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• Introduced in Senate

  summary · EN · 7 May 2007

  Open at official source

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