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MO HB520
Bill
Status
1/14/2015
Primary Sponsor
Ronald Hicks
Click for details
AI Summary
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Taxpayers who donate at least $5,000 to the Science, Technology, Engineering and Mathematics Fund and hire a STEM student for an internship receive a $5,000 tax credit, effective January 1, 2016
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Qualifying internships must be located in Missouri, last at least 12 weeks, and consist of at least 15 hours of work per week
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Creates the "Economic-Education Partnership Act" providing a separate $5,000 tax credit for employers who donate $5,000 to the STEM fund and provide educational benefits or training to employees pursuing degrees in health care, engineering, or information technology
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Qualified individuals for the education benefit credit must be Missouri residents with annual gross income of $200,000 or less, and employers must retain them for at least as long as benefits were provided
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Total tax credits under both programs are capped at $50,000 annually across all participating taxpayers, with unused credits carrying forward up to three years
Legislative Description
Creates a tax credit for an employer that hires a student majoring in the field of science, technology, engineering, or mathematics for an internship
Last Action
HCS Reported Do Pass (H)
4/2/2015