Promotion and Expansion of Private Employee Ownership Act of 2023

This bill would expand employee ownership opportunities by making it easier for S corporations to adopt Employee Stock Ownership Plans (ESOPs). It extends tax deferral benefits for selling company stock to ESOPs, establishes a Treasury Department office to provide technical assistance for ESOP adoption, and amends small business laws to ensure ESOP-owned businesses remain eligible for small business programs. The bill also creates a new "Advocate for Employee Ownership" position within the Department of Labor to promote employee ownership and assist with related issues. These changes would directly affect S corporations considering or already using ESOPs, as well as employees who would become partial owners of their companies through these plans.