SB 583 - Wright-Jones, Robin
Allows employers to retain withholding taxes up to the amount spent on educational benefits for employees and unpaid interns or up to the amount spent on less than a year of job training for employees
Bill Details
Sponsor
LR Number
4500S.03I
Title
SB 583
House Handler
N/A
Journal Page
Effective Date
August 28, 2012
Current Status
Second Read and Referred S Jobs, Economic Development and Local Government Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 583 - This act creates the "Economic-Education Partnership Program." If an employer with facilities in Missouri pays for the tuition or fees for an employee or an unpaid intern to pursue an associates degree, bachelors degree, masters degree, or doctorate degree in health care, engineering, or information technology related programs, this act allows the employer to retain withholding taxes on its employees for up to five years. The amount of withholding taxes that the employer may retain is limited to the amount of money the employer spent on the employee or unpaid intern's education. An employer is also allowed to retain withholding taxes on its employees if the employer trains an individual for a job in the health care, engineering, or information technology field for less than a year. The amount of withholding taxes that the employer may retain in that case is limited to the amount of money the employer paid in wages to the individual while training the individual. The total amount of money that employers can retain under this program is three hundred million dollars.
In order to participate in this program the employer is required to enter into an agreement with the Department of Economic Development that requires the employer to employ the individual upon the completion of the individual's degree or training for at least as long as the employer is authorized to retain withholding taxes under the program. The Department of Economic Development is given the authority to audit employers to ensure compliance with the program requirements.
EMILY KALMER