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MI HB5872
Bill
Status
6/18/2020
Primary Sponsor
Kristy Pagan
Click for details
AI Summary
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Requires the Michigan Strategic Fund to establish requirements preventing businesses that received federal COVID-19 pandemic funds in 2020 from receiving state economic development assistance if their highest-paid officer, director, or employee earns more than 100 times the lowest employee compensation.
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Exempts businesses with fewer than 50 employees from the compensation ratio requirement.
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Exempts businesses receiving $1,000,000 or less in state economic development funds from the compensation ratio requirement.
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Applies to all state economic development assistance including loans, grants, and funding for programs described in chapter 8 or projects under the Michigan Strategic Fund Act.
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Effective October 1, 2020.
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