Share:
Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | March 20, 2014 02:19 PM |
|---|---|
| From: | Senator Timothy J. Solobay |
| To: | All Senate members |
| Subject: | Employee Stock Ownership Plans (ESOP’s) |
| In the near future I will be introducing a resolution that calls on Pennsylvania to recognize and support the importance and benefits of Employee Stock Ownership Plans (ESOP’s). As ESOP is an employee-owner method that provides a company’s workforce with an ownership interest in the company. By supporting ESOP’s we can make a contribution toward retention and creation of jobs. As baby boomers age, we unfortunately see business enterprises come to an end upon an owner’s retirement. ESOP’s will help to prevent job losses due to closures, relocations, or reductions in employment that come when owners fail to plan or attempt last minute liquidation or sell-offs. The federal government currently provides substantial tax support for ESOP’s, but the benefits have not been communicated or put into practice as they could be in the business community. The intent of this resolution is to create awareness on this issue so that a dialog may begin and we can move Pennsylvania small businesses in the right direction. |
Introduced as SR341