Massachusetts Passes Employee Ownership Center Bill
Governor Charlie Baker of Massachusetts has signed a wide-ranging economic development legislative package that includes An Act to Enable the Massachusetts Center for Employee Ownership (S.261 / H.511), which will institutionalize the Massachusetts Center for Employee Ownership (MassCEO). The Office will be housed in the Massachusetts Office of Business Development. Much like the recently passed California Employee Ownership Act, the office will focus on outreach to business owners and serve as a resource hub for service providers and information. It will be led by a full-time director and will be able to make grants to local organizations to carry out its mission. The legislation also created a formal advisory board comprised of representatives from a number of stakeholder groups, including governor-appointed representatives from Massachusetts-based ESOP companies and worker cooperatives.
The legislation institutionalizes a process that had already been created in the state through the governor’s budget. It starts the year with $300,000 in funding.
For a more detailed analysis of the political process behind the bill, see this article on the Ownership America website.