An Act To Create And Sustain Jobs And Affordable Housing Through The Development Of Cooperatives And Employee-Owned Businesses

This bill creates the Maine Employee Ownership Center to help businesses transition to employee-owned or cooperative models, offering technical assistance, educational programs, and access to financing. It also establishes a state tax deduction of up to $750,000 for individuals who sell more than half their ownership in a private business that converts into a housing cooperative. These changes are designed to encourage job retention and the development of affordable housing by supporting worker-owned enterprises. The Office of Business Development is tasked with managing these initiatives and collecting data to measure their economic impact.