SB 1056 Modifies the Science, Technology, Engineering and Mathematics Initiative
Sponsor: Wasson
LR Number: 6692S.01I Fiscal Notes
Committee: Economic Development
Last Action: 3/13/2018 - Hearing Conducted S Economic Development Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2018

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Current Bill Summary

SB 1056 - This act changes the law regarding the Missouri Science, Technology, Engineering and Mathematics (STEM) Initiative. Missouri taxpayers who hire a STEM student attending a Missouri college for an internship in the state, or a STEM graduate from a Missouri college for a full-time STEM position in the state, may apply to have $10,000 of state tax liability placed in the STEM Fund, subject to appropriation by the General Assembly and approval by the Department of Higher Education. The cumulative amount of taxes that may be transferred to the Fund is capped at an annual total of $200,000 in tax year 2019 and adjusted annually for inflation in each subsequent tax year.

The act repeals provisions allowing endowed teaching professor programs and career enhancement programs to be included on the list programs eligible for moneys from the STEM Fund.

This act is similar to provisions contained in the truly agreed HCS/SS/SCS/SBs 894 & 921 (2018), provisions contained in SCS/HCS/HB 2255 (2018), HB 1532 (2018), HB 1135 (2017), and SB 471 (2017).