US HB6492

Lowers the employee stock ownership plan (ESOP) threshold from 100% to 30% minimum for businesses to qualify for the Department of Defense's pilot program incentivizing contracting with employee-owned companies

Amends Section 874 of the National Defense Authorization Act for Fiscal Year 2022 (10 U.S.C. 3204 note)

Changes terminology throughout the statute from "wholly-owned" to "owned" to reflect the reduced ownership percentage requirement

Expands eligibility for the DoD contracting pilot program to include partially employee-owned businesses rather than only those that are 100% employee-owned