February 1, 2013
Employee Ownership Legislation in New Jersey
Assemblyman Upendra Chivulula, the deputy speaker of the New Jersey State Assembly, has introduced A3626, a bill to exclude from taxation any gains on the sale of at least 30% of a company to an ESOP or eligible worker cooperative (as defined by Section 1042 of the Internal Revenue Code). Unlike federal law, the bill includes sales to ESOP in S corporations.