In the first 5 months of the 116th Congress there have been 6 pieces of Pro-ESOP legislation initiated. Three each in the US Senate and House of Representatives. Several of these were introduced in late May and the text of the bills are not yet available in the Federal Legislation Tracker. We will monitor the status of this legislation and provide updates either via our Blog or the Federal Legislation on ESOPs Page. As of May 29, none of these bills have been supported by any Indiana Senator or Representative.
Senate:
S.177 This bill introduced Jan 17, 2019 by Senator Pat Roberts (R-KS) is A bill to amend the Internal Revenue Code of 1986 and the Small Business Act to expand the availability of employee stock ownership plans in S corporations, and for other purposes. This bill enjoys bipartisan support with 28 cosponsors 15 Democratic, 12 Republican, and 1 Independent. No Indiana Senator has cosponsored this bill.
S. 1661 This bill introduced May 23, 2019 by Sen. Bernard Sanders (I-VT) is a bill to establish an Employee Ownership Bank, and for other purposes. This bill has 4 cosponsors, 4 Democratic. No Indiana Senator has cosponsored this bill.
S. 1666 This bill introduced May 23, 2019 by Sen. Bernard Sanders (I-VT) is a bill is to establish an Employee Ownership and Participation Initiative and for other purposes. This bill has 7 cosponsors, 7 Democratic. No Indiana Senator has cosponsored this bill.
House:
H.R. 2258 This bill introduced April 10, 2019 by Rep. Ron Kind (D-WI-3) and Rep. Jason Smith (R-MO-8) which will encourage the formation of employee-owned businesses and promote retirement savings through S Corporation Employee Stock Ownership Plans (S-ESOPs). This bill enjoys bipartisan support with 4 cosponsors, 2 Republican and 2 Democrats. No Indiana Representative has cosponsored this bill.
H,R, 2983 This bill introduced May 29, 2019 by Reo, Peter DeFazio (D-OR-4) is a bill to establish an Employee Ownership Bank, and for other purposes. No Indiana Representative has cosponsored this bill.
H.R. 3007 This bill introduced May 23, 2019 by Rep. Mark Pocan (D-WI-2) is a bill is to establish an Employee Ownership and Participation Initiative and for other purposes. No Indiana Representative has cosponsored this bill.