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Mass. hearing spotlights bills to expand worker ownership, including right-of-first-refusal and $1M capital‑gains carve‑out
Summary
The Joint Committee on Economic Development and Emerging Technologies heard more than a dozen witnesses June 5 urging passage of bills that would give employees the first chance to buy businesses and exempt up to $1 million in capital gains for qualifying sales.
BOSTON — The Joint Committee on Economic Development and Emerging Technologies heard more than a dozen witnesses June 5 urging lawmakers to pass bills that would make it easier for employees to buy the companies where they work.
Supporters said the legislation — filed as H491 and as a companion pair H503 (House) / S305 (Senate) — would preserve neighborhood businesses, protect jobs and give retiring owners a clear pathway to sell to employees. Alex Papali of the Center for Economic Democracy summarized key provisions during the hearing: “there's a 30 day window for initially for the owner to give advance notice of the sale... after that... it starts a 6 month, 180 day clock ticking,” giving employee groups time to organize and match market offers.
The bills include a right-of-first-refusal for employee groups to buy a business on substantially equivalent terms and a state tax exemption for…
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