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5/7/2026
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Senate approves Leader Ciccone’s bill to support employee-owned businesses
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STATE HOUSE – The Senate today approved legislation introduced by Majority Leader Frank A. Ciccone III that would help support employee-owned businesses.
“It’s often said that Rhode Island’s small businesses are the backbone of our state. If this saying is true, which it is, that means that our small business employees are crucial to the success and growth of Rhode Island. This bill will help reward our small business employees for the dedication and support their aspirations to be small business owners themselves, which will only further strengthen the small business community in Rhode Island,” said Leader Ciccone (D-Dist. 7, Providence, Johnston).
The legislation (2026-S 2922) would establish the Rhode Island Center for Employee Ownership (RICEO) to facilitate businesses in transitioning to an employee-owned business model. The purpose of RICEO would be to secure resources, provide technical assistance and serve as a concierge service both to legacy business owners and worker owners interested in transitioning a small business to an appropriate employee-owned business model.
The bill now heads to the House for consideration, where Rep. Grace Diaz (D-Dist. 11, Providence) has introduced the legislation (2026-H 7570).
For more information, contact:
Andrew Caruolo, Publicist
State House Room 20
Providence, RI 02903
(401)222-6124
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