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HB 417 - This act creates new provisions allowing the Department of Economic Development (DED) to disburse grants to qualifying employers for each employee or prospective employee who obtains upskill credentials, as defined in the act. In order to receive such grants a qualifying employer is required to submit an application to DED, as provided in the act. Applications are evaluated on a competitive basis using the following criteria: · The pledged average wage increase that employees or prospective employees will realize after obtaining an upskill credential in relation to the cost of obtaining the credential; · The level of economic distress to the qualifying employer's region and the balance of awards made to the various regions of the state; and · The contribution made by the qualifying employer toward the cost of obtaining the upskill credential. At the close of each application period, to be determined by DED, applications will be evaluated and preliminary awards for reimbursement may be made. In making preliminary awards of reimbursement, one-third of the awards shall be reserved for employers with 1-50 employees and one-third of the awards shall be reserved for employers with 51-200 employees. If any reserved moneys are not awarded by March 1 of the fiscal year, the moneys may thereafter be awarded to any qualifying employer. Upon being given a preliminary award for reimbursement, each qualifying employer must sponsor a current or prospective employee to obtain an upskill credential within 12 months of the preliminary award. Employees may not commence the process of obtaining the credential until after a preliminary award has been made. Upon obtaining a credential, the employer shall submit proof of the same to DED along with proof that the individual who completed the training is a Missouri resident with a verifiable Missouri address. The Upskill Credential Fund is established, consisting of moneys appropriated to it by the General Assembly, not exceeding $6 million in any fiscal year, as well as moneys accepted from any other source. Any funds not expended remain in the fund. The act contains a sunset clause. This act is substantially similar to SB 53 (2023), SB 760 (2022), and HB 2550 (2022). SCOTT SVAGERA
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