SB 713
Employee stock ownership plans: contractors: certification: bid preferences.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill aims to encourage employee ownership in California by creating a system for recognizing and prioritizing contractors with Employee Stock Ownership Plans (ESOPs). It requires the Department of General Services to issue ‘ESOP contractor certificates’ to qualified companies meeting specific criteria, including a certain percentage of employee participation in the ESOP and a favorable IRS determination letter. Furthermore, the Department of Transportation would be required to give preference to these contractors when awarding state-funded construction contracts, boosting opportunities for businesses with employee ownership structures.
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