{"database": "press", "table": "releases", "rows": [["https://www.young.senate.gov/newsroom/press-releases/young-joins-bill-to-ease-barriers-to-employee-ownership-plans-for-us-companies/", "Young Joins Bill to Ease Barriers to Employee Ownership Plans for U.S. Companies", "2023-07-31", "2023", "2023-07", "Republican", "Senate", "IN", "Todd Young", "Y000064", "www.young.senate.gov", "toddyoung", "https://www.young.senate.gov/newsroom/press-releases/", "scraper", "WASHINGTON \u2013 U.S. Senators Todd Young (R-Ind.), Ben Cardin (D-Md.), and Steve Daines (R-Mont.) reintroduced an expanded version of the Promotion and Expansion of Private Employee Ownership Act, bipartisan legislation to encourage retirement savings by fostering the growth of S corporations that are owned by Employee Stock Ownership Plans (S-ESOPs). Representatives Earl Blumenauer (D-OR-3) and Mike Kelly (R-PA-16), both members of the House Ways and Means Committee, introduced companion legislation in the House of Representatives.\n\nThe bill would eliminate barriers that businesses and their owners currently face in establishing a new S-ESOP or expanding the employee-ownership stake in an S corporation. With the creation of a new \u201cEmployee Ownership Advocate\u201d at the Department of Labor with a mandate to assist employee-owned companies and review ESOP-related regulations before they are finalized, the legislation would solidify advocacy for S-ESOPs from development through all stages of growth.\n\n\u201cThis bipartisan legislation will make it easier to establish or expand employee-ownership, creating new economic opportunities for Hoosier small business owners and their employees across Indiana,\u201d said Senator Young.\n\n\u201cEmployee ownership provides small business owners and workers incredible opportunities to build generational wealth and create resiliency for their businesses. We need to preserve and expand this structure to enable more businesses to grow and to allow employees to accrue valuable benefits,\u201d said Senator Cardin. \u201cAmericans deserve the opportunity to build generational wealth and ESOPS are a proven path toward this goal.\u201d\n\n\u201cWhile Montana workers and businesses struggle to navigate this challenging economy, it\u2019s important we strengthen creative ways to help folks grow their wealth and reach financial security. ESOPs help expand ownership of the economy to middle class Montanans and make it easier for folks to invest toward a comfortable retirement,\u201d Senator Daines said. \u201cAmerica is the land of opportunity, and our bipartisan bill will help protect and preserve the American dream for Montanans from all walks of life.\u201d\n\n\u201cWith growing wealth inequality and generations of Americans worried about how they can retire comfortably, employee-ownership is more important now, than ever,\u201d said Rep. Earl Blumenauer. \u201cI have seen firsthand the benefit of Employee Stock Ownership Plans in my community and in communities across the country. By increasing productivity and worker retention while improving retirement security, this legislation is something employers and employees alike can get behind.\u201d\n\n\u201cBy expanding Employee Stock Ownership Plans (ESOPs), we can put more hardworking Americans on the path to financial prosperity and a secure retirement,\u201d Rep. Kelly said. \u201cThis bipartisan, bicameral plan is a win-win for workers and businesses: it allows small- and medium-sized businesses to include employee ownership in the compensation package, and ESOPs often retain more employees as a result. This is great legislation for both the employer and employee alike!\u201d\n\nIndustry estimates place the number of employee stock ownership plans at more than 6,500 serving almost 14 million participants. ESOPs have a proven record of keeping small businesses and jobs in their local communities, rewarding employees for their contribution to the success of the business, and creating more productive and resilient businesses.\n\nThe Promotion and Expansion of Private Employee Ownership Act:\n\nIncentivizes owners of S Corporations to sell their stock to an ESOP by providing deferral treatment for contributions of S Corporation stock to an ESOP so long as certain reinvestment requirements are met\n\nProvides technical assistance for companies that may be interested in forming an S-ESOP\n\nEnsures small businesses that become ESOPs retain their SBA certification; and\n\nAffirms the importance of preserving the S-ESOP structure in the Internal Revenue Code\n\nCreates the position of an \u201cEmployee Ownership Advocate\u201d at the Department of Labor to support the formation and success of employee ownership.", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:25:20Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.young.senate.gov/newsroom/press-releases/young-joins-bill-to-ease-barriers-to-employee-ownership-plans-for-us-companies/"], "units": {}, "query_ms": 0.6547700613737106, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}