Any Missouri STEM hiring a Missouri graduate or student for an internship or full-time position becomes eligible to have up to $10,000 of its yearly tax liabilities reallocated from the general revenue fund to a STEM fund. The employer can apply to do so through the DHE. Money in the Stem fund will be used for scholarships and experimental programs for Missouri students. 60% of funds used must benefit students “demonstrating financial need”. The goal is to incentivize Missouri STEM businesses to recruit Missouri STEM graduates, and to create a fund that can be used to boost interest in STEM with Missouri K-12 students.
Legislation: HB 696
Fiscal Impact: $200,000 or less
Progress in prior session: Passed out of Rules Committee