Ohio bill offers tax cuts and loans to attract and keep college graduates in the state

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  • A graduate of an Ohio university or college who stays in Ohio after graduating will earn a 100% state tax credit over three years.
  • 100 loans of $ 25,000 each will be made available to out-of-state students enrolling in one of Ohio’s four-year higher education institutions if they are in the 5 % of the best in their graduating class and pursuing studies in a STEM field. The loan will be repayable if they stay in the state after graduation.
  • Students who have obtained an associate’s degree and wish to earn a bachelor’s degree may obtain a state grant to continue their education. Cross said there is a high demand for bachelor’s degrees and the state is keen to encourage people to obtain them.
  • Ohio employers will receive a refundable tax credit of 30% of salary paid for students engaged in internships, apprenticeships, and co-ops.
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Cross said the amount of money in the proposal is significant, but worth investing in future Ohio workforce and said the law will broaden the tax base. The average salary for a college graduate is between $ 47,000 and $ 53,000, according to Cross.

“There are brilliant minds all over this country. We want to recruit them here in Ohio and then keep them here, ”Cross said.

University of Dayton President Eric Spina noted that last year alone, the state’s private colleges and universities welcomed approximately 25,000 new full-time students to Ohio.

“It’s a talent pool for the future of Ohio that we all want to tap into,” Spina said at the press conference.

He said keeping “young and bright minds” in Ohio after graduation is “critical to our future.”

“We can’t afford to be at the bottom of the ladder when it comes to retention and innovation in the workplace,” Spina said. “We must be, we deserve to be, near the top.”


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