AN ACT RELATING TO TAXATION -- EMPLOYEE OWNERSHIP TAX CREDIT

Summary

The bill lets eligible businesses claim a credit on their state income tax for costs incurred when converting to, or expanding, an employee‑ownership model such as a trust, ESOP, cooperative, or other equity plan. Credits cover up to half of qualified costs, with caps ranging from $25,000 to $100,000, and apply for tax years 2026‑2028. It aims to encourage broader employee ownership and keep wealth in local communities.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share