Employee Ownership Bill Introduced in Maine

LD 1338, "An Act To Create and Sustain Jobs through Development of Cooperatives and Employee-owned Businesses," has been introduced in the Maine legislature. The bill has multipartisan sponsors in both houses (Republican, Democratic, Green, and Independent). It would exempt sales to ESOPs or worker cooperatives from state taxation and would allow lenders to exclude income from loans to ESOPs and worker cooperatives from their taxable income. Maine capital gains income can be taxed at marginal rates up to 7.5%.