Section 1. Short title
This Act may be cited as the Empowering Small-business Ownership Participation Act or the ESOP Act.
Section 2. Change to ESOP percentage requirement for pilot program to incentivize contracting with employee-owned businesses
Section 874 of the National Defense Authorization Act for Fiscal Year 2022 (10 U.S.C. 3204 note) is amended—
(1) by striking wholly-owned each place it appears and inserting owned;
(2) in subsection (a)—
(A) in the heading, by striking Wholly-owned and inserting Owned; and
(B) by striking 100 percent and inserting not less than 30 percent;
(3) in subsection (b), in the heading, by striking Wholly-owned and inserting Owned; and
(4) in subsection (c), in the heading, by striking Wholly-owned and inserting Owned.