Bipartisan legislation has been introduced to make the creation of ESOPs more available to small businesses.
Rep. Ron Kind, D-Wisconsin, and Rep. Dave Reichert, R-Washington, both members of the House Ways and Means Committee, introduced the Promotion and Expansion of Private Employee Ownership Act.
The law would expand financing opportunities through tax incentives for S corporations looking to pass ownership of private companies on to employees, and provide technical assistance for setting up the plans, among other things.
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