An Act to promote employee ownership
Generates a plain-language summary of the bill text and history.
| Date | Branch | Action |
|---|---|---|
| 6/29/2026 | House | Bill reported favorably by committee and referred to the committee on House Ways and Means |
| 4/1/2026 | Senate | Reporting date extended to Thursday June 25, 2026 |
| 10/21/2025 | Joint | Hearing scheduled for 10/28/2025 from 01:00 PM-05:00 PM in B-2 |
| 2/27/2025 | House | House concurred |
| 2/27/2025 | Senate | Referred to the committee on Revenue |
No additional cosponsors.
| Committee | Recommendation | Vote |
|---|---|---|
| J26 | Favorable | 1 entries |
| Bill | Title | Status |
|---|---|---|
| H3079 | An Act to promote employee ownership | Active |
Chapter 63 of the General Laws is hereby amended by inserting, after section 38NN, the following new section:-
O. In determining the net income subject to tax under this chapter, a business corporation may deduct an amount equal to its earnings from capital gains from the sale of employer securities of a non-publicly traded business with fewer than 500 employees to an employee stock ownership plan, as defined in chapter 23D, that owns no less than 49 per cent of all outstanding employer securities issued by the business; provided, however, that the business corporation must be the sponsor of the employee stock ownership plan.
Chapter 63 of the General Laws is hereby amended by inserting, after section 38NN, the following new section:- Section 38OO. In determining the net income subject to tax under this chapter, a business corporation may deduct an amount equal to its earnings from capital gains from the sale of employer securities of a non-publicly traded business with fewer than 500 employees to an employee stock ownership plan, as defined in chapter 23D, that owns no less than 49 per cent of all outstanding employer securities issued by the business; provided, however, that the business corporation must be the sponsor of the employee stock ownership plan.