Bill > HB2047

This bill modifies the Washington Employee Ownership Program by significantly shortening its duration and making its implementation contingent on specific budget appropriations. The bill reduces the timeframe for tax credits related to business conversion to employee-owned structures from 2030 to 2025/2026, meaning businesses can only earn conversion credits until June 30, 2025, and cannot claim credits on tax returns for periods starting on or after July 1, 2026. The legislation maintains the existing framework for the program, which supports businesses transitioning to worker-owned cooperatives, employee ownership trusts, and employee stock ownership plans (ESOPs), but adds language that makes program activities subject to available funding. The bill preserves key program elements like technical support, networking, resource referrals, and the creation of an inventory of employee-owned businesses, while adding an expiration date of June 30, 2030, for the Washington Employee Ownership Commission and related program components. These changes effectively signal the state's intent to wind down the program, though not immediately eliminating it entirely, and emphasize that ongoing program activities will depend on specific legislative appropriations.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=2047&Year=2025&Initiative=false