Massachusetts House Passes Bill to Establish State Employee Ownership Center
Massachusetts House Bill 5007, “An Act relating to economic growth and relief for the Commonwealth,” has passed the Massachusetts House without dissent. Among its many provisions, it would establish the Massachusetts Employee Ownership Center within the state government. In 2019, the state agreed to fund the Center as a separate entity operated by the ICA Group, a Massachusetts-based nonprofit that provides employee ownership consulting.
The law would create a state agency and director within the state government. A new advisory board would play a key role in advising the governor and the Center’s director on matters related to employee ownership policy. The 19-member board would include 11 seats for companies with ESOPs and worker cooperatives, in addition to relevant state agencies, employee ownership advocates, and others. The Center would provide outreach, education, and training on ESOPs, worker cooperatives, and employee ownership trusts.