Bill > H3731

This bill aims to create and sustain jobs through the development of employee-owned businesses and cooperatives. It provides tax incentives to encourage the transfer of businesses to employee ownership structures, such as employee stock ownership plans (ESOPs), S corporations owned by ESOPs, worker-owned cooperatives, and cooperative corporations. Specifically, the bill allows for a tax exemption on gains recognized from the sale of a business to these types of employee-owned entities, as well as a tax deduction on interest received from loans used to acquire majority ownership of a qualified business by these entities. The key provisions of the bill are designed to support the growth and sustainability of employee-owned businesses and cooperatives in Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/191/H3731