Economic 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.

SB 783 prohibits publicly traded companies receiving Michigan state economic incentives (like grants, tax breaks, or loans) from buying back their own company shares during the incentive period. It requires the Michigan Strategic Fund to include this restriction in all new incentive agreements, with a 10% penalty plus repayment of incentives if violated. The bill directly affects publicly traded businesses that seek state economic development assistance under Michigan's Strategic Fund Act. This policy change aims to ensure state incentives support broader economic activity rather than shareholder returns.