MA H2998

Bill

MA H2998

To create and sustain jobs through development of employee-owned businesses and cooperatives

Introduced
03/29/2021

In Committee
03/29/2021

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

Relative to the taxation of employee-owned businesses and cooperatives. Revenue.

AI Summary

This bill aims to create and sustain jobs through the development of employee-owned businesses and cooperatives. It proposes tax exemptions for gains recognized on the sale of ownership interests in qualified businesses to employee stock ownership plans (ESOPs), S corporations owned by ESOPs, eligible worker-owned cooperatives, and certain worker-owner cooperatives. The bill also allows for the deduction of interest received on qualified business acquisition loans used to acquire majority ownership of these types of entities. The key provisions of the bill are focused on incentivizing the transfer of businesses to employee-owned and worker-cooperative structures, which can help preserve jobs and provide economic opportunities for workers.

Committee Categories

Budget and Finance

Sponsors (4)

Paul Mark (D)*, Erika Uyterhoeven (D)*, Mindy Domb (D), Maria Robinson (D),

Last Action

Accompanied a study order, see H5279 (on 10/06/2022)

Official Document

https://malegislature.gov/Bills/192/H2998

(10 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/H2998
Bill	https://malegislature.gov/Bills/192/H2998.pdf

Bill	Bill Name	Last Action	Type
H1136	To further define medical necessity determinations	Accompanied a study order, see H5222	Similar To
H1150	Reducing the costs for small business	No further action taken	Similar To
H2727	To study the modernization of retirement systems for future state employees	Accompanied a study order, see H4960	Similar To
H300	Encouraging the growth of small businesses	No further action taken	Similar To
H3138	Relative to the fair participation of minority and women-owned businesses on public construction projects	No further action taken	Similar To
H346	Allowing businesses to sign up for the "Do Not Call" list	Accompanied a study order, see H4880	Similar To
H5279	Study Order	No further action taken	Replaced by
S153	Encouraging the growth of small businesses	Bill reported favorably by committee and referred to the committee on Senate Rules	Similar To
S888	Promoting access to affordable housing in the 21st century	Accompanied a study order, see H5276	Similar To
S998	Relative to petit treason	Joint Committee on The Judiciary Hearing (10:00 6/15/2021 Virtual Hearing)	Similar To

Bill > H2998

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (4)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary