SB 318 - This act modifies provisions of the Missouri Quality Jobs Act allowing qualified companies to receive tax credits for providing tuition reimbursement programs to certain employees. The tax credit provided in this act is a non-refundable, fully transferrable income tax credit. To the extent that a taxpayer's Missouri income tax liability is exceeded by the amount of tax credits issued in a tax year for tuition reimbursement, the remaining tax credits may be carried forward five years until completely claimed.
The tuition reimbursement tax credit is an income tax credit equal to fifty percent of expenses incurred by a qualified company in providing tuition reimbursement to eligible employees, not to exceed five thousand dollars per eligible employee per year. The act prohibits a qualified company from receiving more than twenty-five thousand dollars in tuition reimbursement tax credits in any one tax year. The total number of tuition reimbursement tax credits issued annually shall not exceed two hundred and fifty thousand dollars. The act increases the maximum number of tax credits which may be issued under the Quality Jobs Act from twelve million to twelve million two hundred and fifty thousand dollars to allow for the issuance of tuition reimbursement tax credits.