Richard Neal (D-MA) and Zoe Lofgren (D-CA) in the House and Joseph Lieberman (D-CT) in the Senate have introduced parallel legislation that would curtail the tax on incentive stock options exercised in 2000 and subject to the Alternative Minimum Tax (AMT) in 2001.
The “Employee Ownership, Empowerment, and Expansion Act” (SB0085 and HB0154) has unanimously passed authorizing committees in both houses of the Tennessee General Assembly.
In the past five years, ESOP terminations are running about one-third below their rate in the 1990s. While it is too early to tell if this represents a long-term trend, it also semes unlikely simply to be a statistical fluke.
In testimony on March 26, Secretary of Labor Thomas Perez addressed the House Education and Labor Committee and said that he and the Department of Labor are "huge fans of ESOPs," and that they are "remarkably successful in empowering workers to have ownership." Rep.
H.R. 4171, "An Act Relating to the State Designation of Employee Owned Corporations," has been introduced by Texas State Representative Ryan Guillen. It would allow ESOP companies in Texas to be recognized as Historically Underutilized Businesses.
H.B. 1198 passed a committee vote in the Texas House of Representatives by 12-0. The critical step now is to get it to a vote because the session ends in one month. The bill would:
