The Massachusetts cooperative movement is advancing state legislative efforts with its latest effort called Opportunity to Own (OTO). Thanks to the Center for Economic Democracy, the Coalition for Worker Ownership and Power (COWOP), and legislative advocates, there is pending legislation going through the State House now.

COWOP’s Opportunity to Own is carefully crafted policy designed to help stabilize the Commonwealth’s small business landscape, and tax base, by incentivizing the creation of worker-owned businesses. By facilitating sales of small businesses to existing employees when a business owner transitions out of ownership, local economies can preserve successful businesses, while also gaining the many demonstrated benefits of worker ownership.

Two bills to pass on ownership

There are two bills comprising OTO currently in the the Joint Committee on Economic Development and Emerging Technologies.

One bill is Senate bill S305. It has been sponsored by Sen. Paul Mark [D], Sen. Julian Cyr [D], Sen. Joanne Comerford [D], Rep. Carmine Gentile [D], and Rep. Mike Connolly [D].

The other is House bill H503. It is sponsored by Rep. Christopher Worrell [D], Rep. Sean Garballey [D], Rep. Natalie Blais [D], Rep. Lindsay Sabadosa [D], Rep. Carmine Gentile [D], Rep. Mindy Domb [D], Rep. Mike Connolly [D], Rep. Samantha Montano [D], Rep. Adrian Madaro [D], Rep. Bill MacGregor [D], Rep. Michelle DuBois [D], Rep. Orlando Ramos [D], and Rep. Steven Owens [D].

Both offer local business owners a way out from job loss that protects their employees, secures their financial future, and preserves their legacy. S305 / H503 provide retiring business owners with a structured exit by enabling employee ownership. Converting to employee-ownership preserves the business’s legacy, ensures a trusted team continues its mission, and offers capital gains tax exemptions up to $1 million for financial security. Owners maintain business continuity, and leave behind a lasting impact.

You can join in supporting S305 / H503 by spreading the word with your community and legislators that you support a bill that keeps Massachusetts businesses local with conversions to worker ownership.

For more information, see a fact sheet.