Senate Bill Expands S-Corporation ESOP Benefits
Senators Ben Cardin (D-MD) and Pat Roberts (R-KS) recently introduced Bill 742, the "Promotion and Expansion of Private Employee Ownership Act."
Among other things, S.742 would allow majority owned S-corporation ESOPs to participate in certain Small Business Administration loan programs and extend the capital gains tax deferral (aka, "1042 Rollover") to selling shareholders of S corporations. Click here to read this short bill.
Other members of the Senate Finance Committee sponsoring the bill including Roy Blunt (R-MO), Amy Klobuchar(D-MN), Mary Landrieu (D-LA), Pat Roberts (R-KS), Debbie Stabenow (D-MI), John Thune (R-SD), Michael Crapo (R-ID) and Sherrod Brown (D-OH).
Click here to contact your Senator and ask they join in supporting this Pre-ESOP bill, S.742.