summary
Introduced
02/04/2026
02/04/2026
In Committee
03/04/2026
03/04/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Creates the Employee Ownership Development Act. Provides that the State Treasurer shall segregate a portion of the Treasurer's State investment portfolio in the Employee Ownership Development Account. Provides that moneys in the Employee Ownership Development Account shall be invested by the State Treasurer to provide employee ownership capital to employee ownership development projects seeking to locate, expand, or remain in the State. Sets forth provisions concerning Employee Ownership Development Account-Recipient Funds. Provides that the Employee Ownership Development Fund is created as a non-appropriated trust fund within the State treasury, which may receive a portion of earnings from the Employee Ownership Development Account. Provides for reporting requirements. Provides that the State Treasurer may adopt rules necessary to implement the Act. Effective immediately.
AI Summary
This bill, titled the Employee Ownership Development Act, establishes a program where the State Treasurer will set aside a portion of the state's investment portfolio, up to 5%, into a dedicated Employee Ownership Development Account. This account will be used to provide "employee ownership capital," which is financing for projects that help businesses transition to broad-based employee ownership (meaning a majority of the business is owned by its employees through plans like employee stock ownership plans or worker cooperatives) or to support the growth of existing employee-owned businesses in the state. The State Treasurer can invest this money through specialized firms called "employee ownership development firms" and will require these firms to invest a minimum of 1.5 times the state's investment into employee ownership projects. The bill also creates an Employee Ownership Development Fund to cover administrative expenses and mandates annual reporting to the General Assembly on the program's activities and impact, including the number of employee-owners created. The State Treasurer is authorized to create rules to implement these provisions, which will take effect immediately.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Revenue & Finance Committee (on 03/04/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...