Connecticut Seal

General Assembly

 

Raised Bill No. 5280

February Session, 2014

 

LCO No. 1341

 

*01341_______LAB*

Referred to Committee on LABOR AND PUBLIC EMPLOYEES

 

Introduced by:

 

(LAB)

 

AN ACT CONCERNING EXECUTIVE EMPLOYEE COMPENSATION.

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

Section 1. (NEW) (Effective October 1, 2014) (a) For purposes of this section, "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 "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.

(b) 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 for 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.

This act shall take effect as follows and shall amend the following sections:

Section 1

October 1, 2014

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.]