Economic and Community Development - As introduced, enacts the "Employee Ownership, Empowerment, and Expansion Act" to support the growth and expansion of employee-owned businesses. - Amends TCA Title 4; Title 8; Title 9; Title 12, Chapter 3; Title 45; Title 50; Title 56, Chapter 1 and Title 67.

HB 1047 creates tax credits to help businesses transition to employee ownership models. It provides up to $25,000 in credits for converting to worker-owned cooperatives or employee ownership trusts, and up to $100,000 for converting to employee stock ownership plans (ESOPs), covering 50% of eligible conversion costs like legal and valuation fees. The bill also exempts these employee-owned businesses from certain state taxes and requires outreach to minority-owned businesses about the incentives. Businesses must apply for the credit, and the state must report annually on the program's effectiveness.