Pro-ESOP Bill Advances in Pennsylvania

Pennsylvania Representative Daryl Metcalfe (R-Butler County) and Senator Stewart Greenleaf (R-Montgomery County) have created joint legislation to mirror federal law as it applies to the deferral of capital gains taxation for sales of C corporation stock to an ESOP (the "1042 election"). The Pennsylvania Center for Employee Ownership, which has supported the bill, requests that Pennsylvania employee-owners contact their elected representatives to support the bill. May 3 addendum: In the Pennsylvania General Assembly, the bill is H.B. 1289.