Illinois HB 4955: EMPLOYEE OWNERSHIP DEVELOPMENT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4955

Introduced , by Rep. Will Guzzardi 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Employee Ownership Development Act. Provides that the State Treasurer shall segregate a portion of the Treasurer's State investment portfolio in the Employee Ownership Development Account. Provides that moneys in the Employee Ownership Development Account shall be invested by the State Treasurer to provide employee ownership capital to employee ownership development projects seeking to locate, expand, or remain in the State. Sets forth provisions concerning Employee Ownership Development Account-Recipient Funds. Provides that the Employee Ownership Development Fund is created as a non-appropriated trust fund within the State treasury, which may receive a portion of earnings from the Employee Ownership Development Account. Provides for reporting requirements. Provides that the State Treasurer may adopt rules necessary to implement the Act. Effective immediately.

LRB104 18508 SPS 31950 b

A BILL FOR

HB4955LRB104 18508 SPS 31950 b

1 AN ACT concerning State government.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Employee Ownership Development Act.

6 Section 5. Definitions. As used in this Act:

7 "Broad-based employee ownership" means an ownership 

8structure in which a majority of the equity interest in a 

9business is held, directly or indirectly, by or on behalf of a 

10broad base of the business's employees through an employee 

11stock ownership plan, worker cooperative, employee ownership 

12trust, or other similar structure that provides for meaningful 

13employee