SB 713: Employee stock ownership plans: contractors: certification: bid preferences.

The bill aims to promote economic development in California by supporting small businesses and employee-owned companies. It requires the state to issue an employee stock ownership plan (ESOP) contractor certificate to qualified contractors that meet certain requirements, including a valid and favorable determination letter from the IRS. The certificate must be renewed every three years and indicates the percentage of ESOP ownership for the applicant. The state will provide bid preferences to qualified contractors based on the percentage of ESOP ownership when preparing solicitations for state-funded construction contracts. The bill also authorizes the creation of a comprehensive bidders list of qualified contractors that have received the ESOP contractor certificate.