SENATE DOCKET, NO. 1553        FILED ON: 2/17/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1837

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Julian Cyr

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act to promote employee ownership.

_______________

PETITION OF:

 

Name:

District/Address:

Julian Cyr

Cape and Islands


SENATE DOCKET, NO. 1553        FILED ON: 2/17/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1837

By Mr. Cyr, a petition (accompanied by bill, Senate, No. 1837) of Julian Cyr for legislation to promote employee ownership.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1630 OF 2019-2020.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Second General Court
(2021-2022)

_______________

 

An Act to promote employee ownership.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Chapter 63 of the General Laws is hereby amended by inserting, after section 38FF, the following section:-

Section 38GG. 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.