Bill Text: TX HCR179 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Requesting the Governor's Office of Economic Development and Tourism to conduct a study on the promotion of Employee Stock Ownership Plans in Texas.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-05-24 - Referred to Business & Industry [HCR179 Detail]
Download: Texas-2019-HCR179-Introduced.html
86R34428 KSM-F | ||
By: Shine | H.C.R. No. 179 |
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WHEREAS, Employee Stock Ownership Plans (ESOPs) are tax | ||
qualified retirement plans authorized and encouraged by U.S. tax | ||
and pension laws and commonly referred to as "employee-owned | ||
companies"; and | ||
WHEREAS, The National Center for Employee | ||
Ownership estimates that there are approximately 11,300 employee | ||
stock ownership plans for over 13 million employees in the United | ||
States and that Texas is currently home to over 700 ESOPs; and | ||
WHEREAS, A 2000 Rutgers study found that companies grow 2.3 | ||
to 2.4 percent faster after establishing an ESOP and that companies | ||
that combine employee ownership with employee workplace | ||
participation programs show even more substantial gains in | ||
performance; and | ||
WHEREAS, An ESOP is a powerful mechanism to vest employees in | ||
the company and boost employee morale; such plans create an | ||
opportunity for employees to share in company growth and | ||
performance and give employees real ownership stakes, with high | ||
potential to invigorate their contributions to the success of the | ||
business; and | ||
WHEREAS, ESOPs encourage corporate and economic growth, | ||
reduce unemployment, increase job satisfaction, improve employee | ||
retention, and foster entrepreneurialism, and they should be | ||
heavily promoted in Texas; now, therefore, be it | ||
RESOLVED, That the 86th Legislature of the State of Texas | ||
hereby request the Governor's Office of Economic Development and | ||
Tourism to conduct a study on the promotion of Employee Stock | ||
Ownership Plans in Texas; and, be it further | ||
RESOLVED, That the office be requested to submit a full | ||
report, including findings and recommendations, to the 87th Texas | ||
Legislature before it convenes in January 2021. |