Missouri Chamber of Commerce Promotes ESOPs

Tracy King, vice president of governmental affairs of the Missouri Chamber of Commerce and Industry, believes that "When you sell it to your employees you see more growth than a regular business." The chamber saw the experience of Burns & McDowell, which created an ESOP to buy the company when its former parent, Armco Steel, was looking for a buyer. Burns & McDowell is now expanding, and the Missouri chamber is promoting legislation that would encourage other companies to pursue ESOPs. It is seeking to create a coalition of Missouri businesses to promote the passage of the legislation: House Bill 2030, which would provide a 50% income tax deduction for certain sales to ESOPs.