Shown verbatim: the complete text as captured from the official source posted by the Massachusetts General Court, fetched 2026-07-15. Nothing is edited or removed. The official bill page.
Chapter 63 of the General Laws is hereby amended by inserting, after section 38NN, the following new section:- Section 38OO. In determining the net income subject to tax under this chapter, a business corporation may deduct an amount equal to its earnings from capital gains from the sale of employer securities of a non-publicly traded business with fewer than 500 employees to an employee stock ownership plan, as defined in chapter 23D, that owns no less than 49 per cent of all outstanding employer securities issued by the business; provided, however, that the business corporation must be the sponsor of the employee stock ownership plan.
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