§ 14-101

Maryland § 14-101

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 14

Text

(a) The State:

(1) recognizes the declaration of the Joint Economic Committee of the Congress of the United States that broadening the ownership of capital and achieving full employment should be the twin pillars of economic policy; and

(2) encourages the broadening of the base of capital ownership among greater numbers of the residents of the State through, as one means, the use of employee stock ownership plans.

(b) The General Assembly finds that employee stock ownership plans, as defined in the Internal Revenue Code, make an important contribution toward the broadening of capital ownership, increase the income and financial security of the residents of the State, assure the residents of the State greater control of their economic futures, improve productivity and labor–management relations, contribute to the national effort to combat inflation, strengthen the free enterprise system, and put Maryland in the forefront of contemporary economic trends.