RI S2809

Creates tax credits of up to 50% of conversion costs (capped at $100,000) for businesses converting to worker-owned cooperatives, employee ownership trusts, or employee stock ownership plans, and up to $25,000 for alternate equity structures

Provides a separate tax credit of up to 50% of expansion costs (capped at $25,000) for existing employee-owned businesses that expand employee ownership by at least 20% of total ownership

Tax credits are available for income tax years from January 1, 2026 through January 1, 2029, with a maximum aggregate cap of $1,000,000 in tax credit certificates issued per year

Requires alternate equity structures to grant rights to at least 20% of eligible workers, have 20% worker participation, and allocate at least 20% of securities or net profits to participating employees

Tax credits are refundable, meaning amounts exceeding taxes owed will be refunded to the qualified business