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MI HB5896
Bill
Status
4/26/2018
Primary Sponsor
Abdullah Hammoud
Click for details
AI Summary
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Amends the Michigan Strategic Fund Act (1984 PA 270) by adding Section 15, effective October 1, 2018.
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Establishes that businesses receiving Michigan Strategic Fund assistance (loans, grants, or other funding) must comply with executive compensation limits.
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Prohibits businesses where the highest-paid officer, director, or employee receives compensation exceeding 100 times the lowest employee compensation from receiving fund assistance.
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Applies restrictions to all programs and activities under Chapter 8 and all projects under the Michigan Strategic Fund Act.
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Takes effect 90 days after enactment into law.
Legislative Description
Economic development; other; limit certain economic development incentives for certain businesses whose compensation exceeds certain thresholds; provide for.
Labor: fair employment practices
Last Action
Bill Electronically Reproduced 04/26/2018
5/1/2018