{"id":8304,"date":"2026-05-21T14:30:43","date_gmt":"2026-05-21T18:30:43","guid":{"rendered":"https:\/\/senatedems.com\/mcmorrow\/?p=8304"},"modified":"2026-05-21T14:30:48","modified_gmt":"2026-05-21T18:30:48","slug":"senate-committee-passes-mcmorrow-bill-banning-stock-buybacks-for-corporations-receiving-state-tax-breaks","status":"publish","type":"post","link":"https:\/\/senatedems.com\/mcmorrow\/2026\/05\/21\/senate-committee-passes-mcmorrow-bill-banning-stock-buybacks-for-corporations-receiving-state-tax-breaks\/","title":{"rendered":"Senate Committee Passes McMorrow Bill Banning Stock Buybacks for Corporations Receiving State Tax\u00a0Breaks"},"content":{"rendered":"\n[et_pb_section fb_built=&#8221;1&#8243; theme_builder_area=&#8221;post_content&#8221; _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221;][et_pb_row _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<p style=\"text-align: center;\"><i>Legislation advances to Senate floor following testimony from labor leaders on impact of stock buybacks on workers<\/i><\/p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<p><span>LANSING, Mich. (May\u00a021, 2026)\u00a0\u2014\u00a0Today,\u00a0the\u00a0Senate Economic and Community Development Committee, chaired by Sen. <\/span><b>Mallory McMorrow <\/b><span>(D-Royal Oak), passed her legislation\u00a0with bipartisan support, prohibiting\u00a0corporations from repurchasing their own stock on the open market if they receive\u00a0economic incentives\u00a0from the state of Michigan, including grants, loans, tax captures or abatement, or other financial assistance.\u00a0<\/span><\/p>\n<p><span>\u201cTax dollars from the people of Michigan need to <i>go <\/i>to the people of Michigan\u00a0\u2014\u00a0not to\u00a0line\u00a0the\u00a0pockets of corporate\u00a0executives and\u00a0shareholders\u00a0attempting\u00a0to pull\u00a0a \u2018reverse Robin Hood\u2019,\u201d\u00a0said Sen. <b>McMorrow<\/b>.\u00a0\u201cBy banning stock buybacks for companies\u00a0that\u00a0receive state tax breaks, my legislation ensures\u00a0our\u00a0resources are\u00a0protected for the\u00a0benefit\u00a0of\u00a0hardworking\u00a0Michiganders.\u00a0It\u00a0was\u00a0a\u00a0true\u00a0privilege to\u00a0have\u00a0the support of\u00a0local labor leaders\u00a0in the room as we\u00a0voted\u00a0this\u00a0legislation out of committee\u00a0today, and I\u00a0remain\u00a0committed to continue showing up for them as they do for us each day.\u201d\u00a0<\/span><\/p>\n<p><span>\u201cBuybacks\u00a0don\u2019t\u00a0improve healthcare\u00a0or retirement benefits. Buybacks\u00a0don\u2019t\u00a0upgrade a Michigan plant or improve safety equipment. Buybacks\u00a0don\u2019t\u00a0create\u00a0training\u00a0programs\u00a0that help build workers\u2019\u00a0careers.\u00a0And buybacks\u00a0don\u2019t\u00a0strengthen our communities,\u201d said <b>Lisa August-Schmidt<\/b>, Assistant Director at the UAW Research Department,\u00a0while testifying in support of the legislation today.\u00a0\u201cWhen Michigan gives a company\u00a0public money to grow and create jobs, we should require that company to invest in Michigan workers and communities\u00a0\u2014\u00a0not hand the profits of our labor to Wall Street.\u201d\u00a0<\/span><\/p>\n<p><span>\u201cWe are not asking for special treatment. We are demanding fair treatment. We are demanding our fair share,\u201d said <b>John Krauss<\/b>, UAW Local 2093\u00a0member\u00a0and worker at\u00a0American Axle,\u00a0who also\u00a0testified\u00a0in support of the\u00a0bill\u00a0today. \u201cWe are demanding accountability for\u00a0corporations\u00a0like\u00a0AAM that take public incentives while pushing workers into poverty.\u00a0We are demanding a future where no worker sleeps in\u00a0their\u00a0car,\u00a0no\u00a0parent chooses between food\u00a0and\u00a0insurance,\u00a0and no mother loses her home\u00a0because corporations like AAM decided her paycheck is expendable.\u201d\u00a0<\/span><\/p>\n<p><span>Learn more about Senate Bill 783 <a href=\"https:\/\/nam11.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fsenatedems.com%2Fmcmorrow%2F2026%2F02%2F11%2Fban-stock-buybacks%2F&amp;data=05%7C02%7CJLindsay%40senate.michigan.gov%7Ce95182c2046e490b48cf08deb765dd9c%7C78e3c702d3a14260a3a77ffc88b9b8f7%7C0%7C0%7C639149845311708582%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=8nONuMJrH08WO2KjY5RTkmLOfmY%2FK3IgaVkxuhf17z0%3D&amp;reserved=0\" originalsrc=\"https:\/\/senatedems.com\/mcmorrow\/2026\/02\/11\/ban-stock-buybacks\/\" id=\"OWA0a1568db-fb00-1fe6-d57a-777686e8cfbc\" class=\"x_Hyperlink x_SCXW33649539 x_BCX0 x_OWAAutoLink\" data-auth=\"NotApplicable\" data-ogsc=\"rgb(5, 99, 193)\" title=\"https:\/\/nam11.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fsenatedems.com%2Fmcmorrow%2F2026%2F02%2F11%2Fban-stock-buybacks%2F&amp;data=05%7C02%7CJLindsay%40senate.michigan.gov%7Ce95182c2046e490b48cf08deb765dd9c%7C78e3c702d3a14260a3a77ffc88b9b8f7%7C0%7C0%7C639149845311708582%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=8nONuMJrH08WO2KjY5RTkmLOfmY%2FK3IgaVkxuhf17z0%3D&amp;reserved=0\" data-outlook-id=\"7e28b9f4-c143-4629-9098-1be231ccbd20\"><u>here<\/u><\/a>,\u00a0which\u00a0now heads to the\u00a0full Senate floor\u00a0for\u00a0consideration.<\/span><\/p>\n<p style=\"text-align: center;\"><span>###<\/span><\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"<p>Legislation advances to Senate floor following testimony from labor leaders on impact of stock buybacks on workersLANSING, Mich. (May\u00a021, 2026)\u00a0\u2014\u00a0Today,\u00a0the\u00a0Senate Economic and Community Development Committee, chaired by Sen. Mallory McMorrow [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":8308,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","twitterCardType":"","cardImageID":0,"cardImage":"","cardTitle":"","cardDesc":"","cardImageAlt":"","cardPlayer":"","cardPlayerWidth":0,"cardPlayerHeight":0,"cardPlayerStream":"","cardPlayerCodec":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-8304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Senate Committee Passes McMorrow Bill Banning Stock Buybacks for Corporations Receiving State Tax\u00a0Breaks - Senator Mallory McMorrow<\/title>\n<meta name=\"description\" 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