H3079 • 2025

An Act to promote employee ownership

Labor Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Kip A. Diggs
Last action: 2026-02-05
Official status: Referred to House Committee on Ways and Means
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act to promote employee ownership

An Act to promote employee ownership By Representative Diggs of Barnstable, a petition (accompanied by bill, House, No.

What This Bill Does

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.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-02-05 House
Bill reported favorably by committee and referred to the committee on House Ways and Means
2025-10-21 Joint
Hearing scheduled for 10/28/2025 from 01:00 PM-05:00 PM in B-2
2025-02-27 House
Referred to the committee on Revenue
2025-02-27 Senate
Senate concurred

Official Summary Text

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.
Status:
Referred to House Committee on Ways and Means

Current Bill Text

Read the full stored bill text

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Bill H.3079

Chapter 63 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by inserting, after section 38FF, the following new section:-

Section 38GG. In determining the net income subject to tax under this chapter, a business corporation may deduct an amount equal to its earnings from capital gains from the sale of employer securities of a non-publicly traded business with fewer than 500 employees to an employee stock ownership plan, as defined in chapter 23D, that owns no less than 49 per cent of all outstanding employer securities issued by the business; provided, however, that the business corporation must be the sponsor of the employee stock ownership plan.

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