COLUMBUS – State Representative Cheryl Grossman (R- Grove City) today introduced legislation to provide a state income tax credit eliminating tax liability for individuals who obtain a baccalaureate degree and who reside in Ohio.
“The state of our economy in Ohio is burying our college graduates with an alarming amount of debt,” Grossman said. “Eliminating graduates state income tax liability will allow them to use their extra funds to help pay for their student loans and other debts incurred during college. This bill will also attract college graduates from other states.”
House Bill 144 specifically allows individuals who graduate from any institution of higher education, and who are residents of Ohio, to claim a state income tax credit equal to the individuals’ net tax liability for up to five years. Graduates will have one year from graduation to apply for the tax credit through the Ohio Board of Regents. If a graduate leaves Ohio within the five years, he or she will be required to pay back the amount of tax credit received.
“The loss of jobs throughout the state is creating a panic among college students and recent graduates who are looking for employment,” Grossman said. “It is well known that the lack of jobs and taxes are causing our states brightest individuals to take up residencies in other states. This bill is an incentive for our graduates to stay in Ohio.”
The aim of the legislation is to develop and maintain a highly qualified workforce in order to improve the economic welfare of all Ohioans by attracting business to the state.
House Bill 144 will now be assigned to a House committee for further discussion.
Thursday, April 23, 2009
Grossman Introduces Bill to Eliminate State Income Tax for College Graduates