Promotion and Expansion of Private Employee Ownership Act of 2023

This bill expands employee ownership in S corporations by extending tax deferral for selling company stock to employee ownership plans (ESOPs), creating a Treasury Department office to provide education and technical assistance for ESOPs, and amending small business rules to maintain eligibility for government programs after ESOP ownership exceeds 49%. It establishes a new Labor Department "Advocate for Employee Ownership" to coordinate federal efforts, educate stakeholders, and recommend policy improvements. The bill directly affects S corporations using ESOPs, their employees who become owners, and small businesses that might lose government program access due to ESOP acquisitions. Key provisions include tax incentive extensions, new support offices, and updated small business classification rules.