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Senate Finance advances expanded tax credit to help convert small firms to employee ownership
Summary
HB 25-10-21 reauthorizes and adjusts the employee-ownership tax credit, expanding eligibility and raising caps to help more small businesses convert ownership to employees; committee moved the bill to Appropriations after proponent testimony from small-business groups and OEDIT.
Senate Finance advanced HB 25-10-21 to Appropriations after hearing testimony that the employee-ownership tax credit can preserve locally owned businesses and help retiring owners transfer assets and jobs to employees.
Sponsor remarks: Senator Kevin Bridges said many business owners lack succession plans and that employee ownership can preserve jobs and wealth…
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