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MO SB583
Bill
Status
1/4/2012
Primary Sponsor
Robin Wright-Jones
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AI Summary
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Establishes the Economic-Education Partnership Act allowing Missouri employers to retain 100% of employee withholding taxes for educational benefits provided to qualified individuals for up to five years.
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Permits withholding tax retention for tuition and fees toward associates, bachelor's, master's, or doctorate degrees in health care, engineering, or information technology, or for up to one year of job training in these fields.
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Qualifies individuals who are state residents earning at least 120% of state minimum wage with annual gross income of $200,000 or less, plus unpaid interns pursuing eligible degrees.
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Requires employers to enter agreements with the Department of Economic Development guaranteeing employment of the qualified individual for the same duration as the withholding tax retention period, with non-compliance triggering repayment plus 5% annual interest.
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Caps aggregate withholding tax retention across all employers at $300 million and prohibits tax benefits for relatives of business directors, managers, or owners within the fourth degree of consanguinity or affinity.
Legislative Description
Allows employers to retain withholding taxes up to the amount spent on educational benefits for employees and unpaid interns or up to the amount spent on less than a year of job training for employees
Last Action
Second Read and Referred S Jobs, Economic Development and Local Government Committee
1/5/2012