Public Act 257 of 2008 (PA 257), effective August 4, 2008, amends the Michigan Economic Growth Authority (MEGA) Act to revise the definitions of “qualified high-wage activity” and “qualified new job” and revises the investment requirement for certain eligible businesses to enter into an agreement with MEGA for a Michigan Business Tax credit. The new law defines “qualified high-wage activity” as a business that has an average wage of 300% or more of the federal minimum wage and also specifies that beginning August 4, 2008, MEGA may include the value of the health care benefit in determining the wage paid for each retained job or qualified new job for an eligible business.  The new law also provides that a “qualified new job” means a full-time job at a facility created by an eligible business that is in excess of the number of full-time jobs maintained by that eligible business in Michigan up to 90 days (previously, up to 120 days) before the eligible business became an authorized business.  The new law also requires that a business must agree to invest $50,000 or more per retained job maintained at the facility through construction, acquisition, transfer, purchase, contract, or any other method as determined by MEGA.  Previously, the new capital investment was $50,000 or more per retained job maintained at the at the facility.