SCS/SB 268 - This act modifies the Science, Technology, Engineering and Mathematics Fund.MISSOURI SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS INITIATIVE: Any taxpayer who hires a student majoring in a field of study related to science, technology, engineering, or mathematics to fill an internship position may apply to have up to five thousand dollars of the taxpayer's state tax liability removed from the general revenue fund and placed in the Science, Technology, Engineering and Mathematics Fund. The student must be enrolled at a two-year or four-year public or private Missouri college or university. The internship position must be in a field of study related to science, technology, engineering, or mathematics. In addition, the internship must be located in Missouri and be for a duration of at least twelve weeks and consist of at least fifteen hours of work per week. The Department of Higher Education must establish a procedure for approving applications.
The cumulative amount of taxes transferred to the Science, Technology, Engineering and Mathematics Fund through the Missouri STEM Initiative and through the Economic-Education Partnership Act cannot exceed fifty thousand dollars annually from all participating taxpayers. Any donations to the fund from third parties will not count toward the fifty thousand dollar limit. (Section 173.670)
ECONOMIC-EDUCATION PARTNERSHIP ACT: This act creates the Economic-Education Partnership Act. An employer that provides educational benefits or trains a qualified individual for an employment position, may apply to have up to five thousand dollars of the taxpayer's state tax liability transferred from the general revenue fund and placed in the Science, Technology, Engineering and Mathematics Fund. Training must be in the health care, engineering, or information technology fields for no more than one year. Educational benefits are defined as funds provided by an employer to a qualified individual or an accredited educational institution for a period of five years to pay tuition or fees for the pursuit of a higher education degree in a field of study related to health care, engineering, or information technology related programs.
The cumulative amount of taxes transferred to the Science, Technology, Engineering and Mathematics Fund through the Missouri STEM Initiative and through the Economic-Education Partnership Act cannot exceed fifty thousand dollars annually from all participating taxpayers. Any donations to the fund from third parties will not count toward the fifty thousand dollar limit.
The Department of Economic Development may audit employers to ensure compliance. (Section 620.3030)
This act is substantially similar to HB 520 (2015) and is similar to HB 244 (2015), SB 983 (2014), HB 2038 (2014) and HB 934 (2013).
MICHAEL RUFF