The employee-owners of Hercules Industries, located in Denver, Colorado gave the Governor a tour of their facility and provided an excellent backdrop for his announcement that the state's Office of Economic Development and International Trade will start accepting applications for a new tax credit in the new year.
This newly passed tax credit will help cover some of the conversion costs, such as accountants and attorney fees for businesses in Colorado that make a switch to an employee-owned model. The state tax credit requires a 50% match from the company and its employees for the conversion costs.
Hercules Industries converted to 100% employee ownership on September 30, 2019, and Gov. Polis commented that, "if you want to change a company's culture and retain employees, employee ownership gives the company a competitive edge. The goal is to make Colorado a leader in employee ownership.”
Read more about this event and the tax credit at Colorado Politics.