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Bill would allow optional contracting preference for employee-owned companies (ESOPs) in state procurement
Summary
House Bill 3646 would add employee-owned firms in which employees own at least 50% (including through ESOP structures) to the list of business types that state contracting agencies may prefer when the price difference is under 5%; proponents said ESOPs promote employee wealth and local ties.
House Bill 3646 would allow state contracting agencies the option (not a mandate) to prefer companies in which employees own at least 50%—including employee stock ownership plans (ESOPs)—when evaluating bids for public contracts, provided the cost difference between bids is within a 5% threshold.
Representative Thuy Tran, who carried similar optional preferences last session, told the…
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