New York State has passed the Promoting Employee-Owned Businesses Act (PEOBA) that creates an advisory panel to consider how the State should support employee ownership in the future. This bill is a significant step forward in the employee ownership movement, creating policy in New York that helps transition existing, healthy businesses to employee ownership. Our efforts to support employee ownership not only furthers the cause of workers' rights and economic democracy, but also helps retiring business owners, local communities and the state's bottom line. Democratize the Enterprise is very proud and excited to see this legislation move forward.
Support for employee ownership in New York state has a rich history. Governor Mario Cuomo passed important employee ownership legislation in the early 80's. Now, his son Governor Andrew Cuomo has a chance to do more in this spirit to support a dynamic, decentralized ownership economy. Previous bills included provisions for a capital gains tax exemption, a state center for education, and reactivation of a state financing program to support transitions toward employee ownership. PEOBA will create an advisory panel that assembles national experts in the field of employee ownership. Though the bill is limited to employee-owned businesses in which the employees have voting rights in the company, Democratize the Enterprise supports PEOBA wholeheartedly, and welcomes the opportunity for all businesses to consider the benefits of employee ownership and enfranchisement. We thank Senator Marisol Alcantara, Assemblyman Sean Ryan, and Governor Cuomo for their support..
We were pleased to attend a press conference on the steps of New York City Hall at 1PM on Monday, December 18, 2017 in support of the Promoting Employee-Owned Businesses Act (PEOBA)! We thank Senator Alcantara for hosting, and thank her for her hard work in supporting Employee-Ownership.
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