Changes tax rules and federal support for employee ownership. It alters when a tax deferral for sales of S‑corporation stock to employee stock ownership plans (ESOPs) applies, repeals a specific subsection of the tax code as to post‑enactment sales, creates a Treasury office to provide education and technical help to S‑corporation ESOPs, updates the Small Business Act to define and treat ESOP-owned firms for small business programs, and establishes an Advocate for Employee Ownership inside the Department of Labor to coordinate outreach, dispute assistance, and policy recommendations.

The bill focuses on expanding and preserving employee ownership through ESOPs by changing tax timing, improving federal technical assistance, clarifying small business treatment for ESOPs, and creating a dedicated Labor Advocate with reporting duties to Congress.