SB 63

This bill creates an income tax and franchise tax credit for businesses that pay

tuition for an individual to attend a university, college, or technical college. Sole

proprietorships, corporations, and insurers may claim the credit. Partnerships,

limited liability companies, and tax-option corporations compute the credit but pass

it on to the partners, members, and shareholders in proportion to their ownership

interests. The credit is an amount equal to: 1) 25 percent of the tuition paid by a

business for an individual to attend school, if the individual is enrolled in a course

of instruction approved by the Educational Approval Board; and 2) 30 percent of the

tuition paid by a business for an individual to attend school, if the individual is

enrolled in a course of instruction that relates to a projected worker shortage in this

state. The taxpayer claims the total amount of the tuition paid for the individual for

the taxable year in which the individual graduates from the course of instruction.

If the credit claimed by a business exceeds the business's tax liability, the state will

not issue a refund check, but the business may carry forward any remaining credit

to subsequent taxable years.