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2022 SESSION

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HB 592 Income tax, state and corporate; conversion to employee ownership.

Introduced by: Nadarius E. Clark | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.


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