summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to promote employee ownership. Revenue.
AI Summary
This bill aims to promote employee ownership by allowing businesses to deduct earnings from capital gains on the sale of their non-publicly traded company's shares to an employee stock ownership plan (ESOP) that owns at least 49% of the company's outstanding securities, as long as the business is the sponsor of the ESOP. The key provision is the tax deduction for capital gains from the sale of employer securities to the ESOP, which is intended to incentivize the transfer of company ownership to employees.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5080 (on 11/02/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/S1630 |
| Bill | https://malegislature.gov/Bills/191/S1630.pdf |
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