,,ii #aaf? ,,congress #a/ ,session ,s4 #agg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,janu>y #ag1 #bjai,mr4 ,rob]ts 7= himself1 ,mr4 ,c>d91 ,mr4 ,tillis1 ,mr4 ,portman1 ,mr4 ,crapo1 ,ms4 ,cantwell1 ,mr4 ,ris*1 ,mr4 ,:iteh\se1 ,mr4 ,leahy1 ,ms4 ,klobu*>1 ,ms4 ,/ab5[1 ,ms4 ,baldw91 ,mr4 ,casey1 ,mr4 ,moran1 ,mr4 ,van ,holl51 ,mr4 ,pet]s1 ,ms4 ,ern/1 ,mr4 ,isakson1 ,mr4 ,re$1 ,mr4 ,hoev51 ,mr4 ,?une1 ,mrs4 ,murray1 ,ms4 ,duckwor?1 ,mr4 ,te/]1 ,ms4 ,coll9s1 & ,mr4 ,coons7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf & ! ,small ,bus9ess ,act to exp& ! availability ( employee /ock own]%ip plans 9 ,s corporations1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,promotion & ,expansion ( ,private ,employee ,own]%ip ,act ( #bjai4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 on ,janu>y #a1 #aiih--ne>ly #be ye>s aft] ! ,employee ,retirem5t ,income ,security ,act ( #aigd 0 enact$ & ! employee /ock own]%ip plan 7h]eaft] 9 ?is section ref]r$ to z an ,,esop7 0 creat$--employees 7 fir/ p]mitt$ to be own]s ( sub*apt] ,s corporations pursuant to ! ,small ,bus9ess ,job ,protection ,act ( #aiif 7,public ,law #ajd-ahh72 7#b7 ) ! passage ( ! ,taxpay] ,relief ,act ( #aiig 7,public ,law #aje-cd71 ,congress design$ inc5tives to enc\rage bus9esses to become ,,esop-own$ ,s corporations2 7#c7 s9ce t "t1 sev]al ?\s& companies h become ,,esop-own$ ,s corporations1 creat+ an own]%ip int]e/ = sev]al million ,am]icans 9 companies 9 e ,/ate 9 ! c\ntry1 9 indu/ries rang+ f heavy manufactur+ to te*nology developm5t to s]vices2 7#d7 :ile e/imates %[ t #dj p]c5t ( work+ ,am]icans h no =mal retirem5t acc\nt at all1 e ,unit$ ,/ates work] :o is an employee-own] ( an ,s corporation company ?r\gh an ,,esop has a valuable qualifi$ retirem5t sav+s acc\nt2 7#e7 rec5t /udies h %[n t employees ( ,,esop-own$ ,s corporations enjoy great] job /ability ?an employees ( comp>able companies2 7#f7 /udies also %[ t employee-own]s ( ,s corporation ,,esop companies h amass$ mean+ful retirem5t sav+s ?r\gh _! ,s ,,esop acc\nts t w give !m ! means to retire ) dignity2 7#g7 "u ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fca et seq47 & ! regulations promulgat$ by ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 a small bus9ess conc]n t 0 eligible "u ! ,small ,bus9ess ,act = ! num]\s pref]5ces ( ! ,act is d5i$ treatm5t z a small bus9ess conc]n aft] an ,,esop acquires m ?an #di p]c5t ( ! bus9ess1 ev5 if ! numb] ( employees1 ! rev5ue ( ! small bus9ess conc]n1 & ! racial1 g5d]1 or o!r crit]ia us$ "u ! ,act to det]m9e :e!r ! small bus9ess conc]n is eligible = b5efits "u ! ,act rema9 ! same1 solely because ( ! acquisition by ! ,,esop2 & 7#h7 x is ! goal ( ,congress to bo? pres]ve & fo/] employee own]%ip ( ,s corporations ?r\gh ,e,s,o,ps4 #c4 ,def]ral ( tax = c]ta9 sales ( employ] /ock to employee /ock own]%ip plan sponsor$ by ,s corporation 7a7 ,9 g5]al ,subp>agraph 7,a7 ( section #ajdb7;c77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ dome/ic ,c corporation & ins]t+ dome/ic corporation4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to sales aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,dep>tm5t ( ! ,treasury ,te*nical ,assi/ance ,(fice 7a7 ,e/abli%m5t requir$ ,be=e ! end ( ! #ij-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all e/abli% ! ,s ,corporation ,employee ,own]%ip ,assi/ance ,(fice to fo/] increas$ employee own]%ip ( ,s corporations4 7b7 ,duties ( ! (fice ,! ,s ,corporation ,employee ,own]%ip ,assi/ance ,(fice %all provide-- 7#a7 education & outrea* to in=m companies & individuals ab\t ! possibilities & b5efits ( employee own]%ip ( ,s corporations2 & 7#b7 te*nical assi/ance to assi/ ,s corporations 9 sponsor+ employee /ock own]%ip plans4 #e4 ,small bus9ess & employee /ock own]%ip 7a7 ,9 g5]al ,! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fca et seq47 is am5d$-- 7#a7 by r$esignat+ section #di z section #ej2 & 7#b7 by ins]t+ aft] section #dh ! foll[+3 #di4 ,employee /ock own]%ip plans 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m ,,esop means an employee /ock own]%ip plan1 z def9$ 9 section #dige7;e77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$2 & 7#b7 ! t]m ,,esop bus9ess conc]n means a bus9ess conc]n t 0 a small bus9ess conc]n eligible = a loan1 pref]5ce1 or o!r program "u ?is ,act be=e ! date on :i* m ?an #di p]c5t ( ! bus9ess conc]n 0 acquir$ by an ,,esop4 7b7 ,cont9u$ eligibility ,9 det]m9+ :e!r an ,,esop bus9ess conc]n qualifies z a small bus9ess conc]n = purposes ( a loan1 pref]5ce1 or o!r program "u ?is ,act1 ea* ,,esop p>ticipant %all be treat$ z directly own+ 8 or h] proportionate %>e ( ! /ock 9 ! ,,esop bus9ess conc]n own$ by ! ,,esop4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ,janu>y #a ( ! fir/ cal5d> ye> beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4