General Assembly		Raised Bill No. 6880
January Session, 2015		LCO No. 3618
		*03618_______LAB*
Referred to Committee on LABOR AND PUBLIC EMPLOYEES
Introduced by:
(LAB)

AN ACT CONCERNING LARGE CORPORATIONS RECEIVING STATE ASSISTANCE AND EXECUTIVE COMPENSATION.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective October 1, 2015) (a) For purposes of this section:

(1) "Employee" means an individual engaged in service to an employer in the business of the employer and shall exclude the board of directors, chief executive officer, officers, owner, president and executive staff of an employer;

(2) "Employer" means any person, firm, business, educational institution, nonprofit agency, corporation, limited liability company or other entity that employs fifty or more individuals in the state; and

(3) "State assistance" means any grant, loan, loan guarantee or issuance of tax benefit not of general applicability for the purpose of economic development that is made to an employer in an amount greater than one million dollars or that, if added to any other such state assistance made to the same business entity during the preceding two years, would total greater than one million dollars.

(b) On and after January 1, 2016, any employer that compensates any member of the board of directors, chief executive officer, officer, owner, president or executive staff member in any calendar year at a rate greater than or equal to fifty times the average annual compensation of the employer's employees in such calendar year shall not be eligible to receive (1) any state assistance, or (2) any tax credit, tax exemption, abatement or financial assistance under title 12 or 32 of the general statutes to be realized in such calendar year.

(c) The provisions of subsection (b) of this section shall not apply to any tax credit, tax exemption, abatement or financial assistance under title 12 or 32 of the general statutes realized prior to January 1, 2016, even if such tax credit, tax exemption, abatement or financial assistance remains in effect on or after January 1, 2016.

This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2015	New section

Statement of Purpose:

To make any employer that compensates any employee at a rate greater than fifty times that of the employer's average employee ineligible for tax credits, exemptions, abatements or financial assistance from the state.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]