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MI HB5871
Bill
Status
6/18/2020
Primary Sponsor
William Sowerby
Click for details
AI Summary
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Establishes restrictions on businesses receiving Michigan Strategic Fund assistance (loans, grants, or funding) if the highest-paid officer, director, or employee earns more than 100 times the lowest-paid employee's compensation, effective October 1, 2020.
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Exempts businesses with fewer than 50 employees from the compensation ratio restriction.
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Exempts businesses receiving $1,000,000 or less in total Strategic Fund assistance from the compensation ratio restriction.
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Applies to all funding programs and activities described in chapter 8 of the Michigan Strategic Fund Act and projects under the act.
Legislative Description
Economic development: other; limit on certain economic development incentives for certain businesses whose compensation exceeds certain thresholds; provide for. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 15.
Labor: fair employment practices
Last Action
Bill Electronically Reproduced 06/18/2020
6/23/2020