Sen. Stabenow Introduces Bill on Tax on Private Foundation Excess Business Holdings

WASHINGTON, Aug. 2 -- Sen. Debbie Stabenow, D-Mich., has introduced legislation (S. 2423) 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."

The bill was introduced on Aug. 1 and was co-sponsored by Sen. Gary Peters, D-Mich. It was referred to the Senate Finance Committee.

For more information, Sen. Debbie Stabenow, 731 Hart Senate Office Building, Washington, DC 20510-2204; 202/224-4822; or in the state at 3335 S. Airport Road W., Ste. 6-B, Traverse City, MI 49684; 231/929-1031; 1901 W. Ridge, Ste. 7, Marquette, MI 49855; 906/228-8756; 221 W. Lake Lansing Road, Ste. 100, East Lansing, MI 48823; 517/203-1760; 432 N. Saginaw St., Ste. 301, Flint, MI 48502; 810/720-4172; 3280 E. Beltline Court N.E., Ste. 400, Grand Rapids, MI 49525; 616/975-0052; 719 Griswold St., Ste. 700, Detroit, MI 48226; 313/961-4330.

TARGETED NEWS SERVICE, Harwood Place, Springfield, Virginia, USA: Myron Struck, editor; 703/304-1897; editor@targetednews.com; https://targetednews.com