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RI H7964
Bill
Status
2/27/2026
Primary Sponsor
Jennifer Stewart
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AI Summary
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Owners of qualified businesses deciding to sell must notify all full-time and part-time employees and provide a 30-day exclusive window for employees to initiate a process to purchase the business as a worker cooperative
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Qualified businesses must have operated in Rhode Island for at least one year, have at least 3 employees excluding the owner, be privately held, and meet SBA small business size standards
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Exemptions apply for sales to family members, sales necessitated by death, medical condition, court order, deployment, natural disaster, or emergency circumstances
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Rhode Island Small Business Development Center must create and maintain a publicly searchable worker cooperative business resource list with entities qualified to assist with employee-owned business conversions
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Effective date: January 1, 2027
Legislative Description
Establishes an opportunity for employee ownership where the owner notifies all current full-time and part-time employees and provides them with a 30-day window in which to initiate a process to potentially purchase the business as a workers' cooperative.
Labor And Labor Relations
Last Action
Introduced, referred to House Labor
2/27/2026