HB592:

Income tax, state and corporate; conversion to employee ownership.

Bill Summary:

Income tax credit; conversion to employee ownership.
Creates a nonrefundable, one-time individual and corporate income
tax credit for an eligible business that (i) transfers whole or
partial ownership to employees in the form of a worker cooperative,
an employee stock ownership plan, an employee ownership trust, an
employee equity grant program, or an employee stock purchase plan
or (ii) is conducting a feasibility study for a transition to such
employee ownership models. The credit is available for taxable years
2022 through 2026, is equal to up to $5,000 per eligible business
that transfers ownership to employees or incurs costs for conducting
a feasibility study for transferring ownership to employees during
the taxable year, and includes an aggregate annual cap of $5 million.