178.762. Retained jobs credit from withholding, how determined.
Retained jobs credit from withholding, how determined.
178.762. If an agreement provides that all or part of program costs areto be met by receipt of retained jobs credit from withholding, such retainedjobs credit from withholding shall be determined and paid as follows:
(1) Retained jobs credit from withholding shall be based upon the wagespaid to the employees in the retained jobs;
(2) A portion of the total payments made by the employer under section143.221, RSMo, shall be designated as the retained jobs credit fromwithholding. Such portion shall be an amount equal to two and one-halfpercent of the gross wages paid by the employer for each of the first onehundred jobs included in the project and one and one-half percent of the grosswages paid by the employer for each of the remaining jobs included in theproject. If business or employment conditions cause the amount of theretained jobs credit from withholding to be less than the amount projected inthe agreement for any time period, then other withholding tax paid by theemployer under section 143.221, RSMo, shall be credited to the Missouricommunity college retained job training fund by the amount of such difference. The employer shall remit the amount of the retained jobs credit to thedepartment of revenue in the manner prescribed in section 178.764. When allprogram costs, including the principal, premium, and interest on thecertificates have been paid, the employer credits shall cease;
(3) The community college district participating in a project shallestablish a special fund for and in the name of the project. All fundsappropriated by the general assembly from the Missouri community college jobtraining retention program fund and disbursed by the division of workforcedevelopment for the project and other amounts received by the district inrespect of the project and required by the agreement to be used to pay programcosts for the project shall be deposited in the special fund. Amounts held inthe special fund may be used and disbursed by the district only to pay programcosts for the project. The special fund may be divided into such accounts andsubaccounts as shall be provided in the agreement, and amounts held thereinmay be invested in investments which are legal for the investment of thedistrict's other funds;
(4) Any disbursement in respect of a project received from the divisionof workforce development under sections 178.760 to 178.764 and the specialfund into which it is paid may be irrevocably pledged by a community collegedistrict for the payment of the principal, premium, and interest on thecertificate issued by a community college district to finance or refinance, inwhole or in part, the project;
(5) The employer shall certify to the department of revenue that thecredit from withholding is in accordance with an agreement and shall provideother information the department may require;
(6) An employee participating in a project will receive full credit forthe amount designated as a retained jobs credit from withholding and withheldas provided in section 143.221, RSMo;
(7) If an agreement provides that all or part of program costs are to bemet by receipt of retained jobs credit from withholding, the provisions ofthis subsection shall also apply to any successor to the original employeruntil such time as the principal and interest on the certificates have beenpaid.
(L. 2004 S.B. 1155 § 178.982)