Bill Text: MI HB5870 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Economic development: Michigan strategic fund; reporting requirements and public disclosure of certain salary information by entities receiving funding from the Michigan strategic fund; provide for. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 16.
Spectrum: Partisan Bill (Democrat 26-0)
Status: (Introduced - Dead) 2020-06-23 - Bill Electronically Reproduced 06/18/2020 [HB5870 Detail]
Download: Michigan-2019-HB5870-Introduced.html
HOUSE BILL NO. 5870
June 18, 2020, Introduced by Reps. Camilleri,
Sowerby, Pohutsky, Pagan, Wittenberg, Rabhi, Gay-Dagnogo, Hammoud, Cynthia
Neeley, Kennedy, Stone, Cynthia Johnson, Peterson, Cherry, Sneller, Hood,
Brenda Carter, Guerra, Manoogian, Yancey, Hope, Haadsma, Garza, Tyrone
Carter, Ellison and Bolden and referred to the Committee on Commerce and
Tourism.
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding section 16.
the people of the state of michigan enact:
Sec. 16. (1) Beginning October 1, 2020, the fund shall establish requirements to ensure that a business that receives a loan, a grant, or funding or other assistance for a program or activity described in chapter 8 or for a project under this act reports all of the following to the fund each calendar year in a form and in a manner determined by the fund:
(a) The amount of the median employee's salary of that business.
(b) The amount of the salary of the highest paid employee of that business.
(c) The ratio of the amounts described in subdivision (a) and (b).
(2) The fund shall publish the salary information described in subsection (1) on the fund's website in a searchable format.
Enacting section 1. This amendatory act takes effect 90 days after the date it is enacted into law.
