Bill Text: MO HB2038 | 2014 | Regular Session | Comm Sub
Bill Title: Creates a tax credit for an employer that hires a student majoring in the field of science, technology, engineering, or mathematics for an internship
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-04-28 - Rules - Reported Do Pass (H) [HB2038 Detail]
Download: Missouri-2014-HB2038-Comm_Sub.html
SECOND REGULAR SESSION
HOUSE COMMITTEE SUBSTITUTE FOR
97TH GENERAL ASSEMBLY
6184H.05C D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To repeal section 173.670, RSMo, and to enact in lieu thereof two new sections relating to the science, technology, engineering and mathematics fund.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 173.670, RSMo, is repealed and two new sections enacted in lieu thereof, to be known as sections 173.670 and 620.3030, to read as follows:
173.670. 1. There is hereby established within the department of higher education the "Missouri Science, Technology, Engineering and Mathematics Initiative". The department of higher education may award matching funds through this initiative to public institutions of higher education as part of the annual appropriations process.
2. The purpose of the initiative shall be to provide support to increase interest among elementary, secondary, and university students in fields of study related to science, technology, engineering, and mathematics and to increase the number of Missouri graduates in these fields at Missouri's public two- and four-year institutions of higher education.
3. There is hereby created a "Science, Technology, Engineering and Mathematics Fund", which shall consist of money collected under this section. The state treasurer shall be custodian of the fund and may approve disbursements from the fund in accordance with sections 30.170 and 30.180. Upon appropriation, money in the fund shall be used solely for the administration of this section. Any moneys remaining in the fund at the end of the biennium shall not revert to the credit of the general revenue fund. The state treasurer shall invest moneys in the fund in the same manner as other funds are invested. Any interest and moneys earned on such investments shall be credited to the fund.
4. The general assembly may appropriate funds to the science, technology, engineering[,] and mathematics fund to match institution funds to support the following programs:
(1) Endowed teaching professor programs, which provide funds to support faculty who teach undergraduate courses in science, technology, engineering, or mathematics fields at public institutions of higher education;
(2) Scholarship programs, which provide financial aid or loan forgiveness awards to Missouri students who study in the science, technology, engineering, or mathematics fields or who plan to enter the teaching field in Missouri with an emphasis on science, technology, engineering, and mathematics areas;
(3) Experiential youth programs at public colleges or universities, designed to provide Missouri middle school, junior high, and high school students with the opportunity to experience science, technology, engineering, and mathematics fields through camps or other educational offerings;
(4) Career enhancement programs for current elementary and secondary teachers and professors at Missouri public and private colleges and universities in the science, technology, engineering, or mathematics fields to improve the quality of teaching.
5. Any taxpayer hiring a person who is currently enrolled as a student majoring in science, technology, engineering, or mathematics, at any two-year or four-year public or private Missouri college or university, to fill an internship position in the fields of science, technology, engineering, or mathematics may apply to have up to five thousand dollars of the taxpayer's state tax liability removed from the general fund and placed in the science, technology, engineering and mathematics fund established in subsection 3 of this section. For purposes of this subsection, "state tax liability" means, in the case of a business taxpayer, any liability incurred by such taxpayer under the provisions of chapters 143, 147, 148, and 153, excluding withholding tax imposed by sections 143.191 to 143.265, and related provisions, and in the case of an individual taxpayer, any liability incurred by such taxpayer under the provisions of chapter 143. The department of higher education shall establish a procedure for approving applications under this section. The cumulative amount of taxes transferred to the science, technology, engineering and mathematics fund under this subsection and section 620.3030 shall not exceed an annual total of fifty thousand dollars from all participating taxpayers. In the event a donation is made to the fund from a third party, that donation shall not count towards the fifty thousand dollar annual limit. In order to qualify for purposes of this subsection, the internship shall be:
(1) Located within the state of Missouri; and
(2) For a duration of at least twelve weeks and consist of at least fifteen hours of work per week.
6. The department may promulgate rules and regulations for the administration of this section. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly under chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2014, shall be invalid and void.
620.3030. 1. This section shall be known and may be cited as the "Economic-Education Partnership Act".
2. As used in this section, the following terms mean:
(1) "Educational benefits", the funds provided by an employer to a qualified individual or to an accredited educational institution for a period of up to five years to pay any portion of the tuition or fees for a qualified individual pursuing an associates degree, bachelors degree, masters degree, or doctorate degree in health care, engineering, or information technology related programs;
(2) "Employer", a business with facilities in Missouri that employs a qualified individual upon the completion of the individual's degree or training for at least the same length of time as the employer provided educational benefits or training to the qualified individual;
(3) "Qualified individual", An individual:
(a) Who is a resident of this state;
(b) Who is employed by an employer in Missouri;
(c) Who has an annual individual gross income of two hundred thousand dollars or less; and
(d) Who pursues an advanced certificate, associates degree, bachelors degree, masters degree, or doctorate degree in health care, engineering, or information technology related programs;
(4) "State tax liability", in the case of a business taxpayer, any liability incurred by such taxpayer under the provisions of chapters 143, 147, 148, and 153, excluding withholding tax imposed by sections 143.191 to 143.265, and related provisions, and in the case of an individual taxpayer, any liability incurred by such taxpayer under the provisions of chapter 143.
3. An employer that provides educational benefits to a qualified individual, or trains a qualified individual for an employment position in the health care, engineering, or information technology fields for no more than one year, may apply to have up to five thousand dollars of the taxpayer's state tax liability removed from the general fund and placed in the science, technology, engineering and mathematics fund established in section 173.670. The department of higher education shall establish a procedure for approving applications under this section. The cumulative amount of taxes transferred to the science, technology, engineering and mathematics fund under this section and subsection 5 of section 173.670 shall not exceed an annual total of fifty thousand dollars from all participating taxpayers. In the event a donation is made to the fund from a third party, that donation shall not count towards the fifty thousand dollar annual limit.
4. The department of economic development may audit employers to ensure compliance with the provisions of this section.
5. An employer that has provided educational benefits prior to the effective date of this act shall only apply to have up to five thousand dollars of the taxpayer’s state tax liability removed from the general fund and placed in the science, technology, engineering and mathematics fund under this section for providing additional educational benefits.
6. The department of economic development and the department of higher education may promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly under chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority, and any rule proposed or adopted after August 28, 2014, shall be invalid and void.
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