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MI SB0783
MI SB0783Economic development: other; eligibility for stock buybacks during the period of award if awarded an economic incentive; prohibit. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 7c.
summary
Introduced
02/11/2026
02/11/2026
In Committee
02/11/2026
02/11/2026
Crossed Over
Passed
Dead
Introduced Session
103rd Legislature
Bill Summary
A bill to amend 1984 PA 270, entitled"Michigan strategic fund act,"(MCL 125.2001 to 125.2094) by adding section 7c.
AI Summary
This bill, amending the Michigan Strategic Fund Act, prohibits companies that receive economic incentives from the state from buying back their own stock while they are receiving those incentives or are subject to an agreement for them. An "economic incentive" is defined broadly to include grants, loans, tax breaks, or any other financial assistance provided by the Michigan Strategic Fund, which also includes the Michigan Economic Development Corporation (MEDC). A "stock buyback" is specifically defined as a company repurchasing its own shares, which are then retired, canceled, or held by the company. The bill also mandates that future agreements for economic incentives with publicly traded companies must include clauses preventing stock buybacks and requiring the repayment of incentives plus a 10% penalty if this prohibition is violated.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred To Committee On Economic And Community Development (on 02/11/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-0783 |
| BillText | https://legislature.mi.gov/documents/2025-2026/billintroduced/Senate/htm/2026-SIB-0783.htm |
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