LANSING – State Representative Andy Schor (D-Lansing) testified along with other citizens today on his bill, House Bill 4182, which offers a tax credit to Michigan graduates who choose to stay and work in the state. The bill was on the agenda today in the House Michigan Competitiveness Committee, of which Schor is a member.
“I am glad that Chairman Shirkey wanted the committee to hear about the importance of talent retention here in Michigan. Graduates of our colleges and universities are key to reversing the brain drain, and my plan can help create an incentive to keep these students working here in Michigan after they graduate,” said Schor. “If Michigan’s economy is to continue growing, then we need to offer options that will help our best students want to stay here instead of going to other states. This tax credit will make our state more competitive for employers looking for talented, hard workers.”
HB 4182 would encourage students graduating from Michigan’s higher education institutions to live and work in Michigan after graduation by offering income tax credits for a portion of their student debt. Eligible individuals could claim an income tax credit equal to 50 percent of the amount of qualified student loan payments made during a tax year – up to 20 percent of the average yearly tuition for Michigan’s public universities.
“I appreciate the committee testimony on this bill and this important subject. I look forward to continuing debate on this bill and on other legislation that will help to create great places where students want to live, work, and play here in Michigan,” said Schor. “Students win, Michigan employers win and our economy wins by continuing to grow with the help of our talented, smart college graduates.”