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  • Not enacted
    The President has not signed this bill
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      house Committees
      House Committee on Ways and Means
      House Committee on Small Business
    IntroducedMay 5th, 2010

Bill Details

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Employee Stock Ownership Plan Promotion and Improvement Act of 2010

Official Title

To amend the Internal Revenue Code of 1986 to improve the operation of employee stock ownership plans, and for other purposes.


Employee Stock Ownership Plan Promotion and Improvement Act of 2010 - 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; and (5) modify certain ESOP stock ownership rules. Amends the Small Business Act to allow a majority-owned ESOP business concern to continue to qualify for loans, preferences, and other programs under such Act.

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