Hottinger Reintroduces Legislation Aimed At Retaining STEM Talent
Tax credit promotes qualified workforce in Ohio for evolving economy
February 03, 2015
 
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STATEHOUSE - 

State Senator Jay Hottinger (R-Newark) reintroduced a bill that seeks to strengthen Ohio’s workforce and retain top talent in the state, while making education more affordable.
 
Senate Bill 12 offers income tax credits for Ohio residents who graduate with degrees in science, technology, engineering, and math-related fields known as “STEM” fields. An Ohioan who earns an associate degree in a STEM-based field after the enactment of the bill would be eligible for a $5,000 tax credit; a bachelor’s would make them eligible for $20,000, and a master’s or doctorate would make them eligible for $30,000.
 
The legislation allows for additional tax credits if the individual attains higher STEM degrees, as well as creating eligibility for municipal income tax credits.
 
Anyone who receives the tax credit must remain in Ohio for at least five years; were an individual to move out of the state before that time for any reason other than to receive further education in the STEM fields, they would stop receiving the tax credit and would be required to pay back the value of the credit they had received.  
 
The bill would allow eligible candidates to apply to the Board of Regents or a designee of the board. Those approved will receive a tax credit certificate with the tax credit applied at 10% of the total credit for ten years.
 
“Ohio is significantly shorthanded in these important fields of study,” said Sen. Hottinger. “My hope is that this tax credit would incentivize more students to pursue degrees and jobs in these important fields, and that it would help keep Ohio talent in Ohio.”

 
 
 
  
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