6370 -- To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans. | Poliscope

To amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.

6370

114th Congress

Taxation

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

November 17, 2016

Latest Action

November 17, 2016

Primary Sponsor

George HoldingRepublican(NC)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

0pct

0d open

vs 6,526 other HR bills in the 114th — cohort avg 56d

Summary

This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered as outstanding voting stock for the purpose of the tax on excess business holdings of a private foundation in a business enterprise. The bill applies to any voting stock that is: (1) not readily tradable on an established securities market; (2) purchased by the business enterprise on or after January 1, 2005, from a stock bonus or profit sharing plan in which employees of the business enterprise participate, in connection with a distribution from the plan; and (3) held by the business enterprise as treasury stock, cancelled, or retired.

Lobbying filings that explicitly cite this bill (1)

These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.

Filing registrants (1)

DAVIS & HARMAN LLP (1)

U S SUGAR CORPclient→DAVIS & HARMAN LLP

2016 · fourth_quarter · Taxation/Internal Revenue Code

Open original LDA filing ↗

Cited source text, amounts, lobbyists, and targets

Energy tax issues. Tax issues related to U.S. Sugar. Proposals related to IRC section 4943, excess business holdings excise tax. H.R. 6370, to amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.

Client expense: Not reported · Firm income: $50,000

H.R. 6370