AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- THE RHODE ISLAND CENTER FOR EMPLOYEE OWNERSHIP

This bill creates the Rhode Island Center for Employee Ownership (RICEO) to help small businesses transition to employee-owned models where workers hold shares in their companies. The center will operate under the existing Business Development Center and provide technical assistance, referrals, and guidance to business owners and employees interested in employee ownership structures. A new advisory committee with representatives from state agencies, labor groups, and business organizations will oversee the center's work and promote awareness of employee ownership as a solution to small business succession challenges. The legislation aims to support Rhode Island's small business community by offering resources that help retain businesses locally while creating new ownership opportunities for workers.