Payroll Stock Ownership Plans (paysop)
Employee stock ownership plan (ESOP); trust (ESOP) under which an employer received tax credit instead of a tax deduction for contributions. Until passage of the tax reform act of 1986, the tax credit was limited to the lesser of the value of the stock contributed to the plan or .5% of the employer's payroll. The PAYSOP must have met all of the requirements of a qualified plan, and all participants must have had 100% immediate vesting. The Tax Reform Act of 1986 repealed PAYSOP.
Popular Insurance Terms
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Agency that sells insurance policies from both a stock insurance company and a mutual insurance company. ...
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Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the ...
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