Procurement - Employee Stock Ownership Plan Preference - Pilot

SB 653 creates a pilot program that gives a price preference in government contracts to companies using Employee Stock Ownership Plans (ESOPs) for specific Maryland institutions. It applies to procurements under $80 million by the Maryland Stadium Authority, University System of Maryland, Morgan State University, St. Mary’s College, and Baltimore City Community College. Contractors must disclose if they use an ESOP, and the program requires these entities to consider ESOP-based bids favorably during procurement. This is a temporary pilot program modifying existing procurement rules to encourage ESOP adoption in public contracting.