H 3079
An Act to promote employee ownership
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to encourage employee ownership in Massachusetts by modifying the taxation of businesses that offer employee stock ownership plans (ESOPs). Specifically, it seeks to clarify and potentially adjust how these plans are taxed, with the goal of promoting more businesses to adopt ESOPs and provide employees with a stake in their companies. The bill was referred to the House Committee on Ways and Means and subsequently heard.
Key provisions
- Clarifies the taxation of ESOPs.
- Addresses the taxation of business corporations sponsoring ESOPs.
- Seeks to incentivize employee ownership.
- Related to revenue and taxation matters.
- Introduced by Representative Kip A. Diggs
Who is affected
- Business corporations
- Employees
- Massachusetts businesses
- Taxpayers
Notable changes
- Potential changes to the tax treatment of ESOPs.
- Focus on promoting employee ownership within Massachusetts.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Kip A. Diggs
Cosponsor
Kip A. Diggs
Arguments in favor
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Bill H.3079 194th (Current)
An Act to promote employee ownership
By Representative Diggs of Barnstable, a petition (accompanied by bill, House, No. 3079) of Kip A. Diggs relative to the taxation of certain business corporations sponsoring employee stock ownership plans. Revenue.
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Bill Information
Bill Information
Presenter: Kip A. Diggs Status: Referred to House Committee on Ways and Means
Tabs
Bill History Petitioners Committee Summary Hearing Attendance
Bill History
Displaying 4 actions for Bill H.3079
| Date | Branch | Action |
| 2/27/2025 | House | Referred to the committee on Revenue |
| 2/27/2025 | Senate | Senate concurred |
| 10/21/2025 | Joint | Hearing scheduled for 10/28/2025 from 01:00 PM-05:00 PM in B-2 |
| 2/5/2026 | House | Bill reported favorably by committee and referred to the committee on House Ways and Means |
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