Teacher:In this task, you are given a summary for US Congressional and California state bill, your task is to generate a Title for this bill. The preferred titles are under forty words and mention the purpose of the bill.
Teacher: Now, understand the problem? Solve this instance: ESOP Promotion Act of 1997 - Repeals provisions of the Small Business Job Protection Act of 1996 which made certain employee stock ownership plan (ESOP) benefits inapplicable to S corporations (certain small business corporations).
Excludes from gross income transfers of qualified securities in connection with the performance of services if such securities are sold to an ESOP within 60 days of the taxable event.
Permits ESOP dividends to be reinvested without losing the dividend deduction.
Student:
ESOP Promotion Act of 1997