Press Release
ANDOVER, NY- On Monday, Rep. Tom Reed went on the job with Lewis Tree Service to learn more about their Employee Stock Ownership Plans (ESOP) business model and received a taste of what the employees do each day.
“We care about providing relief to businesses and families through tax cuts and are proud supporters of Employee Stock Ownership Plans,” Tom said. “Every worker deserves a fair chance to achieve financial security and retire on their own terms.
“Thank you Lewis Tree Service for inviting us here today to experience your services and the great retirement benefits you provide your hardworking employees,” Tom concluded.
Tom is a cosponsor of H.R. 2092, the Promotion and Expansion of Private Employee Ownership Act which allows a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities. Today, S corporation-sponsored ESOPs accomplish exactly what Congress intended them to do: create jobs, generate economic activity and promote retirement savings.
Lewis Tree Service is the second largest provider of vegetation management services to utilities and governments in North America, and was founded in 1938. 2,400 out of 4,500 Lewis Tree Service employees are shareholders through the Employee Stock Ownership Plan (ESOP) and invested $52 million this year.