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Scott, Rick [R-FL]","FL","R","S001217","2026-01-14T13:38:28Z",[],"Senate",119,false,"Reduction of Excess Business Holding Accrual Act","2026-05-11T16:14:01.010Z",[],0,2,"s",[],[],"https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fsenate-bill\u002F1416","Taxation",{"date":6,"text":30},"Read twice and referred to the Committee on Finance.",1416,"in_committee",1,"A bill 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.","2026-05-22T17:46:53.839Z","taxation",[38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200,201,202,203,204,205,206,207,208],"reduction","re","red","redu","reduc","reduct","reducti","reductio","of","excess","ex","exc","exce","exces","business","bu","bus","busi","busin","busine","busines","holding","ho","hol","hold","holdi","holdin","accrual","ac","acc","accr","accru","accrua","act","bill","bi","bil","to","amend","am","ame","amen","the","internal","in","int","inte","inter","intern","interna","revenue","rev","reve","reven","revenu","code","co","cod","1986","19","198","for","purposes","pu","pur","purp","purpo","purpos","purpose","tax","on","private","pr","pri","priv","priva","privat","foundation","fo","fou","foun","found","founda","foundat","foundati","foundatio","holdings","treat","tr","tre","trea","as","outstanding","ou","out","outs","outst","outsta","outstan","outstand","outstandi","outstandin","any","employee","em","emp","empl","emplo","employ","employe","owned","ow","own","owne","stock","st","sto","stoc","purchased","purc","purch","purcha","purchas","purchase","by","enterprise","en","ent","ente","enter","enterp","enterpr","enterpri","enterpris","pursuant","purs","pursu","pursua","pursuan","certain","ce","cer","cert","certa","certai","ownership","owner","owners","ownersh","ownershi","retirement","ret","reti","retir","retire","retirem","retireme","retiremen","plans","pl","pla","plan","sen","scott","sc","sco","scot","rick","ri","ric","fl",[],true,[212],{"versionCode":213,"actionDate":6,"actionDesc":214,"text":215,"updateDate":216},"00","Introduced in Senate","\u003Cp>\u003Cstrong>Reduction of Excess Business Holding Accrual Act\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>This bill treats certain stock repurchased by a corporation from an employee stock ownership plan (ESOP) as outstanding voting stock for purposes of the federal excise tax imposed on a private foundation’s excess business holdings. Thus, a private foundation may exclude such stock in calculating present holdings in a corporation and liability for the excise tax. (Exceptions apply.)\u003C\u002Fp>\u003Cp>As background, a federal excise tax is imposed on a private foundation that owns more than 20% of the voting stock in a corporation, reduced by the percentage of voting stock held by all disqualified persons (excess business holdings). However, a private foundation with excess business holdings on May 26, 1969 (grandfathered private foundation) may own a greater percentage of voting stock in certain circumstances. \u003C\u002Fp>\u003Cp>Under the bill, stock is treated as outstanding voting stock if such stock is\u003C\u002Fp>\u003Cul>\u003Cli>not readily tradable on an established securities market;\u003C\u002Fli>\u003Cli>repurchased from an ESOP on or after January 1, 2020; and\u003C\u002Fli>\u003Cli>held by the corporation as treasury stock, cancelled, or retired.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>However, such stock is not treated as outstanding voting stock if it is repurchased within the first 10 years of establishing the ESOP or, as a result of the repurchase, the permitted holdings of the private foundation would  exceed 49% of the voting stock in the corporation.\u003C\u002Fp>\u003Cp>Finally, under the bill, such stock does not reduce the percentage of voting stock a grandfathered private foundation may own.\u003C\u002Fp>","2026-01-14T13:36:48Z",[],{},[220,227],{"actionDate":6,"actionDateTime":3,"text":30,"type":221,"actionCode":3,"sourceSystem":222,"committees":223,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":22,"isKeyMilestone":18},"IntroReferral",{"name":16},[224],{"name":225,"systemCode":226},"Finance Committee","ssfi00",{"actionDate":6,"actionDateTime":3,"text":214,"type":221,"actionCode":228,"sourceSystem":229,"committees":3,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":33,"isKeyMilestone":210},"10000",{"code":230,"name":231},9,"Library of Congress",[],{},[],"rick-scott"]