The bill aims to amend existing laws related to the Washington employee ownership program, specifically by establishing a framework for supporting businesses transitioning to employee ownership structures. Key provisions include the creation of a Washington employee ownership program, which will be administered by the department and overseen by the Washington employee ownership commission. The program will provide technical support, develop resources, and potentially establish a revolving loan program to assist small businesses in financing their transition to employee ownership. The bill also outlines the roles and responsibilities of the commission, which will consist of members from both the public and private sectors.

Additionally, the bill introduces specific amendments to the tax credit structure for businesses converting to worker-owned cooperatives or employee ownership trusts, allowing for credits based on conversion costs. The total amount of credits is capped at $2,000,000 annually, with provisions for unused credits to be carried over. The bill includes expiration dates for various sections, with the employee ownership program and commission set to expire on June 30, 2030, and the tax credit provisions expiring on July 1, 2026. Overall, the legislation seeks to enhance employee ownership opportunities in Washington while ensuring proper oversight and support for businesses making this transition.

Statutes affected:
Substitute Bill: 82.04.4488
Bill as Passed Legislature: 82.04.4488, 43.330.590, 43.330.592, 43.330.595
Session Law: 82.04.4488, 43.330.590, 43.330.592, 43.330.595