WASHINGTON, D.C. – In response to Governor Jay Nixon’s veto of Missouri House Bill 2030 (HB 2030), the Stock Ownership Tax Deduction Act, which passed the Missouri State House 128 to 14 and the Senate 28 to 2 in May, Employee-Owned S Corporations of America (ESCA) Executive Director Stephanie Silverman released the following statement:
“We are disappointed in Governor Jay Nixon’s decision and encourage Missouri lawmakers to support workers across the state by overriding this veto, paving a path to more employee ownership.
“HB 2030 will encourage more business owners to turn their companies over to their employees through employee stock ownership plans (ESOPs). ESOPs are a proven approach to boosting retirement security as well as reducing wealth and wage inequality.
“Most importantly, ESOPs help keep jobs local, supporting not just workers and their families, but entire communities.
“Gov. Nixon’s decision comes at a time when 31,000 business owners near retirement in Missouri, which presents a unique opportunity to boost employee ownership. Failing to act now risks missing an opportunity to improve the lives of Missouri workers for decades to come.
“We hope lawmakers will override this veto and pass this bill to give more workers the opportunity to share in the success of their companies.”
More information on ESOPs is available here.