Over the past few months INCEO has been working with Indiana State Senator John Crane (R-24) to increase awareness of ESOPs within Indiana. Senator Crane and Senator Eric Koch authored Senate Resolution 35, this resolution urges the legislative council to assign the topic of Employee Stock Ownership Plans to an appropriate study committee. On March 28, 2019 Senator Mark Stoops (D-40), was added as a co-author to the resolution.
The purpose of the study is to examine if Indiana should provide a gross income tax exclusion for capital gains from the sale of employer securities to an employee stock ownership plan, and the feasibility and desirability of promoting and growing ESOPs and employee ownership in Indiana.
The resolution was presented to the Senate Committee on Commerce and Technology by Senator Crane on the 28th of March and INCEO provided testimony in support of the resolution. The committee voted 9-0 to release the resolution to the full Senate with a recommendation of Do Pass.
– Rick