The ESOP Association sent out the following release today. We are also sharing the information with readers here.
For Immediate Release: June 12, 2014
Pro-ESOP Bill Introduced in House
June 12, 2014 (Washington, DC) – The ESOP Association expresses strong support for H.R. 4837, the Promotion and Expansion of Private Employee Ownership Act, introduced June 11, 2014 by Congressmen David G. Reichert (R-WA), Ron Kind (D-WI), Earl Blumenauer (D-OR), Charles W. Boustany, Jr. (R-LA), Richard E. Neal (D-MA), Bill Pascrell, Jr. (D-NJ), Erik Paulsen (R-MN), and Pat Tiberi (R-OH).
H.R. 4837 is similar to S. 742, which was introduced in early 2013 by a bi-partisan group of Senators led by Senator Ben Cardin (D-MD). H.R. 4837 would amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans (ESOPs) in S corporations.
“Research proves that ESOPs are more profitable, more productive, and provide sustainable jobs. We need policies to encourage employee stock ownership, and the proposed policies in H.R. 4837, modest in approach, should address core social issues such as adequate retirement security and making sure working Americans have an ownership stake in our capitalistic system,” stated ESOP Association President, J. Michael Keeling.
Keeling continued, “It is extremely pleasing to see these House members, all members of the House Ways and Means Committee, four Republicans and four Democrats, stand up for employee stock ownership through ESOPs. The ESOP Association notes its appreciation for the leadership role of its ally in the employee ownership community, the Employee-Owned S Corporations of America, in championing this new pro-ESOP legislation.”
The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy. More information: website – www.esopassociation.org and blog – www.esopassociationblog.org.