This morning I received notification from Congress.Gov of an update to one of the bills INCEO is tracking on our federal legislation page.

S. 1589, whose purpose is to amend the Internal Revenue Code to extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employee stock ownership plan (ESOP), has a new cosponsor!

Senator Pat Toomey (R-PA) cosponsored the bill on 7/16/18!  This bill enjoys bipartisan support with 16 Republicans, 20 Democrats and 1 Independent co-sponsoring this bill.

Please send Senator Pat Toomey a thank you note for his support of this ESOP legislation.

Thanks – Rick