The "Rhode Island Opportunity for Employee Ownership Act" introduces a new framework aimed at facilitating the transition of qualified businesses into employee-owned entities by adding Chapter 61 to Title 28 of the General Laws. The bill defines "employee-owned business" to include employee cooperatives and certain limited liability companies or partnerships that meet specific governance and profit distribution criteria. It requires business owners to notify employees of their intent to sell and grants employees a 30-day exclusive opportunity to form a Qualified Employee Group (QEG) to purchase the business. Additionally, the bill mandates the creation of an "employee-owned business resource list" by the Secretary of State's office to assist employees in this process and exempts owners from state capital gains tax on sales of qualified businesses valued under one million dollars.

Furthermore, the act stipulates that if an owner intends to sell at least 51% of their business, they must notify all employees within seven days. It maintains the capital gains tax for businesses valued over one million dollars and ensures that existing labor union agreements remain effective post-sale. The bill prohibits external governance influence from non-worker parties after the sale and grants the QEG the right to seek a court injunction for non-compliance. To promote awareness, the Secretary of State's office is required to send communication notices to potentially qualifying businesses within 60 days of the act's effective date, summarizing the law and providing resources, including translations in locally used languages. The act will take effect 60 days after these notices are distributed.