Rhode Island S2809 establishes a tax credit for businesses transitioning to employee ownership.

Rhode Island S2809 establishes a tax credit for businesses transitioning to employee ownership. The credit covers up to 50% of conversion costs, up to $100,000, for businesses converting to an employee-ownership trust, employee stock ownership plan, or worker-owned cooperative. It also covers up to 50% of expansion costs, up to $25,000, for expanding these structures. The tax credit is available for income tax years starting after January 1, 2026, but before January 1, 2029.

Rhode Island S2809 establishes a tax credit for businesses transitioning to employee ownership.

Rhode Island S2809 establishes a tax credit for businesses transitioning to employee ownership. The credit covers up to 50% of conversion costs, up to $100,000, for businesses converting to an employee-ownership trust, employee stock ownership plan, or worker-owned cooperative. It also covers up to 50% of expansion costs, up to $25,000, for expanding these structures. The tax credit is available for income tax years starting after January 1, 2026, but before January 1, 2029.