Authorizes a tax credit for Missouri residents who are apprentice graduates to apply towards tuition at certain institutions.
Impact
If enacted, HB 2176 is expected to positively influence state laws by providing financial incentives for individuals to further their education following apprenticeship programs. The introduction of this tax credit could lead to an increase in enrollment at educational institutions offering relevant programs, thereby promoting a more skilled workforce. The legislation could ultimately help meet the labor market demands across various sectors in Missouri, addressing skill shortages and supporting economic growth.
Summary
House Bill 2176 proposes the authorization of a tax credit specifically targeting Missouri residents who have graduated from apprenticeship programs. This tax credit is designed to be applied towards tuition costs at designated educational institutions, thereby encouraging individuals to pursue higher education and vocational training following their apprenticeship experience. The bill aims to enhance workforce readiness by bridging the gap between practical experience gained through apprenticeships and formal education requirements in various career fields.
Contention
Notable points of contention may surround the financial implications of implementing this tax credit. Opponents could argue that the cost of the tax credit might lead to budgetary strains on the state, questioning the long-term viability of funding this initiative. There could also be discussions about the selection process for which educational institutions qualify for the tax credit, as this may lead to perceived inequities among different types of educational programs and institutions. Furthermore, there may be debates on the adequacy of the financial assistance compared to the overall costs of tuition and other associated expenses for students.