,,ii #aai? ,,congress #a/ ,session ,s4 #bdfa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bd1 #bjbe ,mr4 ,da9es 7= himself1 ,ms4 ,hassan1 ,mrs4 ,blackburn1 ,ms4 ,smi?1 ,mr4 ,grassley1 ,mr4 ,van ,holl51 ,mr4 ,tillis1 ,mr4 ,s&]s1 ,mr4 ,"y1 ,mr4 ,wel*1 ,mr4 ,ris*1 ,ms4 ,hirono1 ,ms4 ,cantwell1 & ,mr4 ,hu/$7 introduc$ ! 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 ( #bjbe4 #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 con/ruction 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 ,full def]ral ( tax = c]ta9 sales ( employ] /ock to employee /ock own]%ip plan sponsor$ by ,s corporation 7a7 ,accel]ation ( def]ral ,section #aad7;c7 ( ! ,,secure #b4j ,act ( #bjbb is am5d$ by /rik+ ,decemb] #ca1 #bjbg & ins]t+ ! date ( ! enactm5t ( ! ,promotion & ,expansion ( ,private ,employee ,own]%ip ,act ( #bjbe4 7b7 ,repeal ( limitation 7#a7 ,9 g5]al ,section #ajdb ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #aad ( ! ,,secure #b4j ,act ( #bjbb1 is am5d$ by /rik+ subsection 7h74 7#b7 ,effective date ,! am5dm5t made by p>agraph 7#a7 %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 ( #aihf2 & 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 #f4 ,e/abli%m5t ( ! advocate = employee own]%ip 7a7 ,9 g5]al ,subtitle ,a ( title ,,iii ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #abja et seq47 is am5d$ by add+ at ! end ! foll[+3 #cjje4 ,advocate = employee own]%ip 7a7 ,9 g5]al ,! ,secret>y ( ,labor %all appo9t an ,advocate = ,employee ,own]%ip )9 ! ,employee ,own]%ip ,initiative e/abli%$ "u section #cdf7;b77#a7 ( ! ,,secure #b4j ,act ( #bjbb 7division ,t ( ! ,consolidat$ ,appropriations ,act1 #bjbc 7,public ,law #aag-cbh774 ,! appo9tm5t %all be made )\t reg>d to ! provisions ( title #e1 ,unit$ ,/ates ,code1 relat+ to appo9tm5ts 9 ! competitive s]vice or ,s5ior ,executive ,s]vice4 7b7 ,duties ,! ,advocate = ,employee ,own]%ip %all-- 7#a7 consult ) ! head ( ! ,employee ,own]%ip ,initiative e/abli%$ "u section #cdf7;b77#a7 ( ! ,,secure #b4j ,act ( #bjbb 7division ,t ( ! ,consolidat$ ,appropriations ,act1 #bjbc 7,public ,law #aag-cbh772 7#b7 act z a liaison betwe5 ! ,dep>tm5t ( ,labor1 employee own]%ip advocates1 employ]s consid]+ employee own]%ip1 work]s int]e/$ 9 employee own]%ip1 & o!r /akehold]s1 includ+ employee /ock own]%ip plan sponsors & p>ticipants2 7#c7 provide public education & assi/ance relat$ to ! expansion ( employee own]%ip ?r\gh ! e/abli%m5t & ma9t5ance ( practices t promote employee own]%ip1 includ+ ! use ( employee /ock own]%ip plans2 7#d7 provide assi/ance = purposes ( resolv+ a dispute ) ! ,dep>tm5t ( ,labor to any employee /ock own]%ip plan sponsor1 fiduci>y1 or p>ticipant & help facilitate communication betwe5 su* entities & ! ,dep>tm5t ( ,labor = su* purposes2 7#e7 9 consultation ) ! ,s ,corporation ,employee ,own]%ip ,assi/ance ,(fice ( ! ,dep>tm5t ( ! ,treasury e/abli%$ "u section #d ( ! ,promotion & ,expansion ( ,private ,employee ,own]%ip ,act ( #bjbe1 id5tify & recomm5d pot5tial legislative & adm9i/rative *anges1 includ+ relat$ to access to capital issues1 to increase practices t promote employee own]%ip plans1 includ+ ! use ( employee /ock own]%ip plans2 & 7#f7 coord9ate ) o!r ,f$]al ag5cies1 includ+ ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration1 ! ,secret>y ( ! ,treasury1 & ! ,secret>y ( ,comm]ce1 & ,/ate & local gov]nm5ts on outrea* & education to in=m employees & employ]s ab\t ! possibilities & b5efits ( employee own]%ip z a bus9ess own]%ip succession plann+ option4 7c7 ,consultation & input ,! ,secret>y ( ,labor %all solicit advice & input f ! ,advocate = ,employee ,own]%ip 9 develop+ regulations or int]pretations ( ?is ,act t relate to employee /ock own]%ip plans4 7d7 ,comp5sation ,! ,advocate = ,employee ,own]%ip %all be entitl$ to comp5sation at ! same rate z ! rate ( basic pay 9 effect = a position at level ,v ( ! ,executive ,s*$ule "u section #ecaf ( title #e1 ,unit$ ,/ates ,code4 7e7 ,annual report 7#a7 ,9 g5]al ,n lat] ?an ,decemb] #ca ( ea* cal5d> ye> beg9n+ aft] ! date ( enactm5t ( ?is section1 ! ,advocate = ,employee ,own]%ip %all submit a report to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate & ! ,committee on ,education & ,work=ce ( ! ,h\se ( ,repres5tatives on ! activities ( ! ,(fice ( ! ,advocate = ,employee ,own]%ip dur+ ! fiscal ye> end+ dur+ su* cal5d> ye>1 includ+ ! cont5ts describ$ 9 p>agraph 7#b74 7#b7 ,cont5t ,ea* report submitt$ "u p>agraph 7#a7 %all-- 7,a7 summ>ize ! assi/ance reque/s receiv$ by ! ,advocate = ,employee ,own]%ip dur+ ! fiscal ye> end+ dur+ ! cal5d> ye> ( su* report2 7,b7 describe ! activities1 includ+ ! activities describ$ "u p>agraphs 7#c7 & 7#d7 ( subsection 7b71 & evaluate ! effectiv5ess ( ! ,advocate = ,employee ,own]%ip dur+ su* fiscal ye>2 7,c7 describe any significant problems ! ,advocate = ,employee ,own]%ip has id5tifi$ dur+ su* fiscal ye> & ways to mitigate su* problems2 7,d7 conta9 recomm5dations = any adm9i/rative or legislative action t may be appropriate to resolve b>ri]s to1 & to inc5tivize1 practices t promote employee own]%ip1 includ+ ! use ( employee /ock own]%ip plans2 & 7,e7 describe progress relat$ to employee own]%ip 9 bus9esses 9 ! ,unit$ ,/ates4 7#c7 ,concurr5t submission ,! ,advocate = ,employee ,own]%ip %all submit a copy ( ea* report submitt$ "u p>agraph 7#a7 to ! ,secret>y ( ,labor1 & any o!r appropriate (ficial1 at ! same "t su* report is submitt$ "u p>agraph 7#a74 7#d7 ,public availability ,! ,advocate = ,employee ,own]%ip %all make a copy ( ea* report submitt$ "u p>agraph 7#a7 available to ! public4 7#e7 ,def9ition ( employee /ock own]%ip plan ,= purposes ( ?is section1 ! t]m employee /ock own]%ip plan has ! mean+ giv5 ! t]m 9 section #dige7;e77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7f7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ su* sums z may be necess>y to c>ry out subsection 7d74 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja note7 is am5d$ by ins]t+ aft] ! item relat+ to section #cjjd ! foll[+ new item3 ,sec4 #cjje4 ,advocate = employee own]%ip4 4