Promotion and Expansion of Private Employee Ownership Act of 2017
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S 1589 — Promotion and Expansion of Private Employee Ownership Act of 2017
Last action — Read twice and referred to the Committee on Finance.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Bill Text
- Introduced Introduced in Senate Current html July 19, 2017
Compared against current U.S. Code AI-generated reading aid — verify against the official bill.
The bill amends the Small Business Act to allow employee stock ownership plans (ESOPs) greater eligibility and protections under the Act.
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15 U.S.C. § 631
SEC. 47. EMPLOYEE STOCK OWNERSHIP PLANS. (a) Definitions.--In this section-- (1) the term `ESOP' means an employee stock ownership plan, as defined in section 4975(e)(7) of the Internal Revenue Code of 1986, as amended; and (2) the term `ESOP business concern' means a business concern that was a small business concern eligible for a loan, preference, or other program under this Act before the date on which more than 49 percent of the business concern was acquired by an ESOP. (b) Continued Eligibility.--In determining whether an ESOP business concern qualifies as a small business concern for purposes of a loan, preference, or other program under this Act, each ESOP participant shall be treated as directly owning his or her proportionate share of the stock in the ESOP business concern owned by the ESOP.
This addition establishes definitions for employee stock ownership plans (ESOPs) and ensures continued eligibility for small business programs in cases where an ESOP acquires more than 49% of a business.
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15 U.S.C. § 631
Section 47 is redesignated as section 48;→ Section 48;This change renumbers an existing section of the Small Business Act to accommodate the new section for employee stock ownership plans.
Action History
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Introduced in Senate
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Read twice and referred to the Committee on Finance.
Sponsors
- Pat Roberts · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
- Roberts, Pat Republican
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- Who sponsors S 1589?
- S 1589 is sponsored by Roberts, Pat (Republican).
- What is the current status of S 1589?
- This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track S 1589?
- Track S 1589 free on One Click Politics — get push/email alerts when it moves.
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