MO HB56

Allows employers a tax credit equal to 35% of wages paid to qualified high school students for summer employment, effective for tax years beginning January 1, 2012.

Defines qualified high school students as juniors or seniors with at least a 2.0 GPA, meeting attendance requirements, and eligible for free or reduced-price school lunch.

Caps individual taxpayer claims at $50,000 per year, with unused credits carried forward up to four additional years; requires minimum $100 in wages paid to claim the credit.

Sets cumulative statewide cap of $3 million in tax credits per fiscal year and requires the Department of Elementary and Secondary Education to establish procedures for verification and tracking.

Program automatically sunsets December 31, six years after enactment unless reauthorized by the legislature, with a 12-year sunset period if reauthorized.