Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on Ways and Means Committee passage of H.R. 5719, the Empowering Employees Through Stock Ownership Act:
“A dynamic economy fosters entrepreneurs that push innovation and improve society. It is no secret that starting a new business is a daunting task and creating a top product or service requires employees with requisite skills. This legislation provides startup employees with the ability to accept equity options without being burdened with tax liabilities many employees will be unable to pay until the company goes public or they have substantial cash reserves. Providing flexible policy options to encourage economic growth is the type of creative thinking needed for America to continue to lead in the 21st Century. Congressman Erik Paulsen (MN-03) has been a leader in shaping this vision in a bipartisan collaborative fashion, which is why his bill is able to be scheduled for swift consideration on the House floor next week.”