Senators passed a bill May 29 that creates a state definition of shareholder for purposes of employee stock ownership plans (ESOP).<\/p>\n
Currently, individual stockholders in a qualified corporation can exclude from taxable income all extraordinary dividends paid on and the capital gain from the sale or exchange of capital stock of a corporation acquired through employment.<\/p>\n
LB573, introduced by Omaha Sen. Burke Harr, designates an ESOP as a qualified corporation, allowing its individual shareholders to exclude dividends and capital gains from their taxable incomes.<\/p>\n
The bill also clarifies that an ESOP should not be treated as a single shareholder, but that each participant in an ESOP constitutes a separate shareholder.<\/p>\n
Senators passed LB573 on a 46-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
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