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Tax Changes for Private Foundations and Employee Stock Plans

This bill amends tax rules for private foundation excess business holdings. It allows employee-owned stock repurchased by a company to be treated as outstanding. This aims to make it easier for companies to buy back shares from employee stock ownership plans without negative tax implications for foundations.
Key points
Simplifies company buybacks of stock from employee ownership plans.
Changes how private foundations calculate their business holdings, potentially affecting their tax liabilities.
New rules apply to stock purchased on or after January 1, 2005.
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Status:
Expired
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Additional Information
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.
Print number: S 1982
Sponsor: Sen. Stabenow, Debbie [D-MI]
Process start date: 2021-06-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Tax Changes for Private Foundations and Employee Stock Plans

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is S 1982.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-09.

What are the main provisions?

Key points include:

  • Simplifies company buybacks of stock from employee ownership plans.
  • Changes how private foundations calculate their business holdings, potentially affecting their tax liabilities.
  • New rules apply to stock purchased on or after January 1, 2005.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Stabenow, Debbie [D-MI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

Analysis and Potential Impact of S 1982

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

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