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2022 SESSION
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.
FULL TEXT
HISTORY
- 01/11/22 House: Prefiled and ordered printed; offered 01/12/22 22101806D
- 01/11/22 House: Referred to Committee on Finance
- 01/20/22 House: Assigned Finance sub: Subcommittee #1
- 01/24/22 House: Subcommittee recommends continuing to 2023 by voice vote
- 01/26/22 House: Continued to 2023 in Finance by voice vote