Employee Ownership, Empowerment, and Expansion Act incentivizes businesses to transition to employee ownership models.
The Employee Ownership, Empowerment, and Expansion Act amends Tennessee Code to provide tax incentives for businesses converting to employee ownership models. It defines "Tennessee employee-owned business" as a for-profit entity at least 51% owned by employees through trusts, stock plans, or cooperatives. The act allows a tax credit for up to 50% of conversion costs, up to $25,000 for cooperatives or trusts and $100,000 for stock plans. It also exempts these employee-owned entities from certain taxes.
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