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HB2047 • 2026

Employee ownership program

Eliminating the Washington employee ownership program.

Labor Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Representative Richards, Representative Parshley, Representative Macri, Representative Gregerson
Last action
2025-04-17
Official status
H subst for
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.

Employee ownership program

Employee ownership program

What This Bill Does

  • Employee ownership program

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.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

2047-S AMS WM S3334.1

0 • Ways & Means

ADOPTED

Plain English: 2047-S AMS WM S3334.1 SHB 2047 - S COMM AMD By Committee on Ways & Means ADOPTED 04/26/2025 Strike everything after the enacting clause and insert the 1 following: 2 "Sec.

  • 2047-S AMS WM S3334.1 SHB 2047 - S COMM AMD By Committee on Ways & Means ADOPTED 04/26/2025 Strike everything after the enacting clause and insert the 1 following: 2 "Sec.
  • 1.
  • RCW 82.04.4488 and 2023 c 392 s 5 are each amended to 3 read as follows: 4 (1) Beginning July 1, 2024, in computing the tax imposed under 5 this chapter, a credit is allowed for costs related to converting a 6 qualifying business to a worker-owned cooperative, employee ownership 7 trust, or an employee stock ownership plan, as provided in this 8 section.
  • 9 (2) The credit is equal to: 10 (a) Up to 50 percent of the conversion costs, not to exceed 11 $25,000, incurred by a qualified business for converting the 12 qualified business to a worker-owned cooperative or an employee 13 ownership trust; or 14 (b) Up to 50 percent of the conversion costs, not to exceed 15 $100,000, incurred by a qualified business for converting the 16 qualified business to an employee stock ownership plan.17 (3)(a) Credit under this section is earned, and claimed against 18 taxes due under this chapter, for the tax reporting period in which 19 the conversion to a worker-owned cooperative, employee ownership 20 trust, or an employee stock ownership plan is complete, or subsequent 21 tax reporting periods as provided in (c) of this subsection.22 (b) The credit must not exceed the tax otherwise due under this 23 chapter for the tax reporting period.

Bill History

  1. 2025-04-17 House

    1st substitute bill substituted.

Official Summary Text

Employee ownership program

Current Bill Text

Read the full stored bill text 
AN ACT Relating to eliminating the Washington employee ownership 1
program; creating a new section; repealing RCW 43.330.590, 2
43.330.592, and 43.330.595; providing an effective date; and 3
declaring an emergency. 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:5
NEW SECTION. Sec. 1. The following acts or parts of acts are 6
each repealed:7
(1) RCW 43.330.590 (Employee ownership program) and 2023 c 392 s 8
2; 9
(2) RCW 43.330.592 (Employee ownership program — Administration— 10
Commission) and 2023 c 392 s 3; and 11
(3) RCW 43.330.595 (Employee ownership revolving loan program 12
account) and 2023 c 392 s 6. 13
NEW SECTION. Sec. 2. Any residual balance of funds remaining in 14
the employee ownership revolving loan program account abolished by 15
this act on the effective date of this section, shall be transferred 16
by the state treasurer to the state general fund.17
NEW SECTION. Sec. 3. This act is necessary for the immediate 18
preservation of the public peace, health, or safety, or support of 19
H-1957.1
HOUSE BILL 2047
State of Washington 69th Legislature 2025 Regular Session
By Representatives Richards, Parshley, Macri, and Gregerson
Read first time 03/24/25. Referred to Committee on Appropriations.
p. 1 HB 2047
the state government and its existing public institutions, and takes 1
effect June 30, 2025. 2
--- END ---
p. 2 HB 2047