Tillis and Peters Introduce Bipartisan Legislation Benefitting Small Businesses and Workers | Beaufort County Now | Recently, U.S. Senators Thom Tillis (R-NC) and Gary Peters (D-MI) re-introduced bipartisan legislation that would allow many small businesses to offer Employee Stock Ownership Plans (ESOPs).

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Tillis and Peters Introduce Bipartisan Legislation Benefitting Small Businesses and Workers

Press Release:

    WASHINGTON, D.C.     Recently, U.S. Senators Thom Tillis (R-NC) and Gary Peters (D-MI) re-introduced bipartisan legislation that would allow many small businesses to offer Employee Stock Ownership Plans (ESOPs).

    Currently, Internal Revenue Service (IRS) regulations limit the ability of public companies traded on non-exchange markets to offer ESOPs to their employees. Public companies quoted on these markets are forced to treat their stock as "private" for ESOP purposes. Despite having a publicly-quoted price on a regulated over-the-counter market, outdated regulations require these companies to use an independent appraisal to establish the value of their securities.

    This bipartisan legislation would update the meaning of "established securities market" and would allow hundreds of companies to offer ESOPs to thousands of U.S. employees, which adds value to corporate equity, aids employee retention and ultimately promotes small company growth and development.

    "The current limitations placed on certain small businesses by not allowing them to offer employees ownership is costly to both businesses and employees," said Senator Tillis. "This bipartisan legislation would change the law to ensure we allow these qualified small businesses to offer their employees a stake in the company they work for."

    This legislation is also co-sponsored by U.S. Senator Kyrsten Sinema (D-AZ).
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