# 116-hr-7244: 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.

116-hr-7244, 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., is a 116th Congress bill sponsored by Rep. Diaz-Balart, Mario [R-FL-26] (R-FL); status Referred to the House Committee on Ways and Means. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/116-hr-7244
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 116-hr-7244
- Congress: 116
- Title: 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.
- Status: Referred to the House Committee on Ways and Means.
- Introduced: 2020-06-18
- Sponsor: Rep. Diaz-Balart, Mario [R-FL-26] (R-FL)
- Cosponsors: 2
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## 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 an employee stock ownership 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.

## Cosponsors (2)

- Rep. Kildee, Daniel T. [D-MI-8] (D-MI), 2020-06-18T00:00:00.000Z
- Rep. Rutherford, John H. [R-FL-5] (R-FL), 2020-08-28T00:00:00.000Z

## Related bills

- 116-hr-8662: Accelerating Access to Critical Therapies for ALS Act
- 116-hr-7071: Accelerating Access to Critical Therapies for ALS Act
- 116-hr-4104: Negro Leagues Baseball Centennial Commemorative Coin Act
- 116-hr-3851: Brand USA Extension Act
- 116-hr-3589: Greg LeMond Congressional Gold Medal Act
- 116-hr-3495: Improve Well-Being for Veterans Act

## Sources
- [116-hr-7244 on Congress.gov](https://www.congress.gov/bill/116th-congress/house-bill/7244)

## Related
- [116-hr-8662: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/116-hr-8662)
- [116-hr-7071: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/116-hr-7071)
- [116-hr-4104: Negro Leagues Baseball Centennial Commemorative Coin Act](https://policyrisk.com/legislation/116-hr-4104)
- [116-hr-3851: Brand USA Extension Act](https://policyrisk.com/legislation/116-hr-3851)
- [116-hr-3589: Greg LeMond Congressional Gold Medal Act](https://policyrisk.com/legislation/116-hr-3589)
- [116-hr-3495: Improve Well-Being for Veterans Act](https://policyrisk.com/legislation/116-hr-3495)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/116-hr-7244 (as of 2025-11-18).