MO HB1171

Establishes the "Economic Education Partnership Act" allowing employers to retain 100% of employee withholding taxes up to the amount spent on educational benefits for up to five years.

Qualified individuals must be Missouri residents earning $200,000 or less annually, employed by or interning at Missouri businesses, pursuing degrees in health care, engineering, or information technology.

Employers must enter into agreements with the Department of Economic Development and employ qualified individuals for the same duration as the withholding tax retention period, or repay retained taxes plus 5% annual interest.

Employers cannot retain withholding taxes for relatives within the fourth degree of directors, managers, or owners; aggregate withholding tax retention by all employers limited to $2 million.

Program expires seven years after the effective date; Department of Economic Development and Department of Revenue authorized to promulgate implementing rules.