SB 0276 Creates the Educational Job Retraining Fund which shall be funded by the repeal of the gambling loss limit
LR Number:1099S.02I Fiscal Note:1099-02
Committee:Ways and Means
Last Action:02/25/03 - Hearing Conducted S Ways and Means Committee Journal page:
Effective Date:August 28, 2003
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Current Bill Summary

SB 276 - This act repeals the $500 gaming loss limit contained in Section 313.805, RSMo.

Further, this act directs any increase in the Gaming Proceeds for Education Fund during fiscal years 2004 through 2008 to the Educational Job Retraining Fund, established by this act within the State Treasury. The Educational Job Retraining Fund will be administered by the Department of Economic Development and will provide educational job training and tuition assistance for unemployed or underemployed Missouri residents who were employed in this state on a full-time basis for a minimum of three consecutive years immediately prior to losing their jobs due to job elimination during adverse economic conditions.

Beginning in fiscal year 2009 and for each fiscal year thereafter, any increase (from base fiscal year 2003) in the Gaming Proceeds for Education Fund shall be transferred to: the Missouri College Guarantee Fund; the Higher Education Academic Scholarship Program; and school districts pursuant to the Foundation Formula.