Section 620.3305

Title XL ADDITIONAL EXECUTIVE DEPARTMENTS

Chapter 620

Effective - 28 Aug 2024   

  620.3305.  Program established — definitions — fund created, use of moneys — grant disbursement — rules. — 1.  Subject to appropriations, the department of economic development shall establish the "Missouri Veterans and Job Opportunity Grant Program".

  2.  As used in this section, the following terms mean:

  (1)  "Eligible employer", any employer registered to do business in Missouri that has paid wages to an individual in a targeted group as defined in 26 U.S.C. Section 51, as amended;

  (2)  "Grant", financial support provided by the state to eligible employers, calculated as a percentage of the federal work opportunity tax credit claimed for eligible hires as allowed under 26 U.S.C. Section 51, as amended;

  (3)  "Targeted groups", has the same meaning as defined under 26 U.S.C. Section 51, relating to the federal Work Opportunity Tax Credit (WOTC); and

  3.  (1)  There is hereby created in the state treasury the "Missouri Veterans and Job Opportunity Grant Program Fund".  The fund shall consist of any appropriations to such fund and any gifts, contributions, grants, or bequests received from private or other sources.  The state treasurer shall be custodian of the fund.  In accordance with sections 30.170 and 30.180, the state treasurer may approve disbursements of public moneys in accordance with distribution requirements and procedures developed by the department of economic development.  The fund shall be a dedicated fund and, upon appropriation, moneys in the fund shall be used solely for the administration of this section.

  (2)  Notwithstanding the provisions of section 33.080 to the contrary, any moneys remaining in the fund at the end of the biennium shall not revert to the credit of the general revenue fund.

  (3)  The state treasurer shall invest moneys in the fund in the same manner as other funds are invested.  Any interest and moneys earned on such investments shall be credited to the fund.

  4.  The department of economic development shall administer the grant, disbursing funds to eligible employers based on applications received.

  (1)  (a)  The department shall determine the grant percentage annually, which shall be a portion of the federal WOTC claimed by the employer for each eligible hire.  This percentage shall be contingent upon the available funds in the Missouri veterans and job opportunity grant program fund.

  (b)  At least fifty percent of the funds available during a fiscal year to provide grants pursuant to this section shall be reserved for eligible employers paying wages to a qualified veteran, as such term is used in 26 U.S.C. Section 51(d).  Any amount of such reserved funds that is not claimed may be disbursed for wages paid to a member of any other targeted group.

  (2)  Eligible employers must submit an application in a form prescribed by the department, including detailed information on the federal WOTC claimed and the impact of such hires.

  (3)  Employers shall provide proof of eligibility for the federal WOTC and documentation of the continued employment of individuals from targeted groups.

  5.  The department of economic development shall promulgate all necessary rules and regulations for the administration of this section.  Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028.  This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2024, shall be invalid and void.

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(L. 2024 S.B. 912)