A measure to spur employee-ownership of private companies is getting bipartisan support in the Senate.

Ranking members in the Senate Finance Committee introduced Tuesday a bill that would allow more S corporation business owners to transfer ownership to their employees and help more private companies access the resources they need to become employee owned. The law eliminates barriers that businesses and their owners currently face in establishing a new S corporation ESOP or expanding the employee-ownership stake in an S corporation.

Sens. Ben Cardin, D-Md., Pat Roberts, R-Kan., and Olympia Snowe, R-Maine, introduced the bill, the Promotion and Expansion of Private Employee Ownership Act of 2011 (S. 1512).

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