Employee Ownership, Empowerment, and Expansion Act
Amends TCA Title 4; Title 8; Title 9; Title 12, Chapter 3; Title 45; Title 50; Title 56, Chapter 1 and Title 67.
Tennessee HB1047, titled the "Employee Ownership, Empowerment, and Expansion Act," aims to create tax incentives for businesses to establish employee stock ownership plans, employee ownership trusts, or convert to worker-owned cooperatives. The bill affects qualified businesses subject to state excise tax and includes provisions for tax credits covering up to 50% of conversion costs, with specific caps based on the type of ownership structure. Additionally, it exempts worker-owned cooperatives and related entities from certain taxes and extends existing procurement laws to include employee-owned businesses.
Tennessee HB1047, titled the "Employee Ownership, Empowerment, and Expansion Act," aims to create tax incentives for businesses to establish employee stock ownership plans, employee ownership trusts, or convert to worker-owned cooperatives. The bill affects qualified businesses subject to state excise tax and includes provisions for tax credits covering up to 50% of conversion costs, with specific caps based on the type of ownership structure. Additionally, it exempts worker-owned cooperatives and related entities from certain taxes and extends existing procurement laws to include employee-owned businesses.
Track Tennessee Legislation Like a Pro
Join hundreds of professionals using LegisGo to stay ahead of legislative changes.
Instant Alerts
Get notified when bills you track move through the legislature
AI Summaries
Understand complex legislation in seconds with AI-powered analysis
Full Access
All 132 legislators, committee schedules, and voting records
Marsh, Pat
114th General Assembly
February 5, 2025
January 21, 2026
Taken off notice for cal in s/c Business and Utilities Subcommittee of Commerce Committee