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Promoting Employee Stock Ownership in Small Businesses

This act aims to make it easier for employees to become co-owners of the companies they work for through special stock plans. This allows employees to build retirement savings and gain greater job stability. The changes primarily affect small businesses, which will be able to more easily access support programs, even if employees become their majority owners.
Key points
Tax benefits for companies selling shares to employees, potentially increasing the number of firms with employee stock ownership plans.
Establishment of an office within the Treasury Department to educate and assist companies in implementing employee stock ownership plans.
Small businesses with employee stock ownership plans will retain access to small business support programs, even if employees become majority owners.
Appointment of an advocate for employee ownership within the Department of Labor to support employees and employers on this matter.
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Additional Information
Print number: 118_HR_5011
Sponsor: Rep. Kelly, Mike [R-PA-16]
Process start date: 2023-07-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Promotion and Expansion of Private Employee Ownership Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5011.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-27.

What are the main provisions?

Key points include:

  • Tax benefits for companies selling shares to employees, potentially increasing the number of firms with employee stock ownership plans.
  • Establishment of an office within the Treasury Department to educate and assist companies in implementing employee stock ownership plans.
  • Small businesses with employee stock ownership plans will retain access to small business support programs, even if employees become majority owners.
  • Appointment of an advocate for employee ownership within the Department of Labor to support employees and employers on this matter.
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 Rep. Kelly, Mike [R-PA-16].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Labor Economy