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Moving Forward in Texas
A hearing was held on a bill that aims to advance employee ownership in Texas.
In Brief: Texas House Bill 2389 came before the Texas House of Representatives on March 29th, and members of the community were allowed to come forward and serve as witnesses both in support or opposition to the legislation.
What Happened? After the Bill was introduced, three witnesses came forward to voice both support and opposition to the legislation. One shared his positive personal experience as an employee and eventual owner of an employee owned business, while another expressed support and touted the growth his business saw after their transition to being employee owned. The witness who opposed expressed concern that the legislation would unfairly designate businesses as HUB’s and harm minority owned businesses.
Why It Matters: This legislation would be an important step forward in increasing the visibility and accessibility of employee ownership. Especially in a more conservative state such as Texas, legislation that aids in the transition to employee ownership could encourage more small and family businesses to take advantage of a transition. The Bill would alleviate concerns business owners may have about losing their HUB status and its benefits.
What’s Next: No vote was held on the Bill, which is currently categorized as ‘pending’ before it hopefully comes to a floor vote before the Texas House.
Image Credit: Marjorie Kamys Cotera for The Texas Tribune