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MA H3079

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Kip Diggs

Click for details

Origin

House of Representatives

194th General Court

AI Summary

  • Creates a new tax deduction under Chapter 63 of the General Laws (Section 38GG) allowing business corporations to deduct capital gains from selling employer securities to an employee stock ownership plan (ESOP)
  • Applies only to non-publicly traded businesses with fewer than 500 employees
  • Requires the ESOP to own at least 49% of all outstanding employer securities issued by the business
  • The business corporation claiming the deduction must be the sponsor of the ESOP
  • Filed by Representative Kip A. Diggs (2nd Barnstable) on January 14, 2025; similar legislation was introduced in the previous session (House No. 2769 of 2023-2024)

Legislative Description

To promote employee ownership

Last Action

Bill reported favorably by committee and referred to the committee on House Ways and Means

2/5/2026

Committee Referrals

Ways and Means2/5/2026
Revenue2/27/2025

Full Bill Text

No bill text available