SB 296 Summary

• Repeals existing job training program sections (178.760-178.764, 178.892-178.896, 620.470-620.482) and establishes four new sections (620.800-620.809) creating the "Compete Missouri Training Program" to provide job training assistance to qualified companies.

• Program provides financial assistance to qualified companies that create new jobs or make capital investments to retain jobs, with training funded through two funds: the Compete Missouri Job Development Fund and the Compete Missouri Community College New Jobs Training Fund.

• Qualified companies must offer health insurance to all full-time employees and pay at least 50% of premiums; excludes gambling, retail, food service, public utilities, and certain other industries from program participation.

• Establishes the "Compete Missouri Job Training Joint Legislative Oversight Committee" (3 senate, 3 house members) to provide annual reports on program assistance to industries by October 1st each year.

• Program automatically sunsets July 1, 2018, unless reauthorized by the general assembly; allows community college districts to issue certificates to finance training projects with withholding tax credits from participating companies.