ESOP Promotion Act of 1999

Referred to the House Committee on Ways and Means.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jun 10, 1999

ESOP Promotion Act of 1999 - Amends Internal Revenue Code provisions relating to deductions for dividends paid on certain employer securities to allow dividends of employee stock ownership plans (ESOP) to be reinvested without loss of the dividend deduction.Allows ESOP closely-held corporate sponsors to pay estate tax if an estate transferred the stock of the corporation to an ESOP.Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event.Permits, without payment of the ten-percent additional tax on early distributions from qualified retirement plans and under specified conditions, early distributions from employee stock ownership plans for qualified higher education expenses and qualified first-time homebuyer purchases.

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People & committees

Who introduced it

Rep. Ballenger, Cass [R-NC-10] · R–NC

Committees

Ways and Means Committee

10 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jun 10, 1999
Referred to the House Committee on Ways and Means.
Jun 10, 1999
Sponsor introductory remarks on measure. (CR E1225-1226)
Jun 10, 1999
Introduced in House
Jun 10, 1999
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Jun 10, 1999 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.2124 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.2124, 106th Congress: ESOP Promotion Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/house-bill/2124

Text version to examine: Introduced in House · 1999-06-10.

Official full text: https://www.congress.gov/106/bills/hr2124/BILLS-106hr2124ih.htm

Imported record last updated by the source: 2025-08-20T14:17:38Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.2124 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.2124 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.2124, 106th Congress: ESOP Promotion Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/house-bill/2124

Text version to examine: Introduced in House · 1999-06-10.

Official full text: https://www.congress.gov/106/bills/hr2124/BILLS-106hr2124ih.htm

Imported record last updated by the source: 2025-08-20T14:17:38Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.2124 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.2124 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.2124, 106th Congress: ESOP Promotion Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/house-bill/2124

Text version to examine: Introduced in House · 1999-06-10.

Official full text: https://www.congress.gov/106/bills/hr2124/BILLS-106hr2124ih.htm

Imported record last updated by the source: 2025-08-20T14:17:38Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.2124 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.2124 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.2124, 106th Congress: ESOP Promotion Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/house-bill/2124

Text version to examine: Introduced in House · 1999-06-10.

Official full text: https://www.congress.gov/106/bills/hr2124/BILLS-106hr2124ih.htm

Imported record last updated by the source: 2025-08-20T14:17:38Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.2124 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.