New bill to exempt Ohio graduates from state income tax

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republican lawmaker Jon cross (R-Kenton) a proposed a bill exempt all Ohio college graduates from state income tax for up to three years if they are fully employed in the state.

On Monday, Cross attended a press conference at the Statehouse where he expressed the need to increase the number of people who choose to live and work in Ohio – something that the Graduates Act and the retention of Ohio’s (GROW) workforce can process.

“We talk a lot about the workforce here in this Statehouse building. But how do we actually put creative ideas and great solutions on paper that will actually help with recruiting and retention? ” To cross asked at a press conference Monday morning.

“This is important and catalytic legislation,” Ohio State University president Kristina johnson noted. “We are deeply grateful to have such a champion not only of higher education, but also of the future of this state.”

Johnson noted that increasing the number of college graduates choosing to stay in the state will increase incomes and reduce the need for social services. Despite the cost that these programs can incur, state officials estimate the return on investment would be exponential.

Growing incentives

In addition to the tax break, Cross said the multi-pronged legislation includes the following provisions:

  • 100 merit scholarships of $ 25,000 for high school STEM students residing out of state
  • 100 percent refundable state income tax payment for all Ohio college graduates whose employer is based in Ohio (up to three years)
  • 30% tax credit on salaries paid for companies that offer paid internships, apprenticeships and cooperatives
  • Additional financial aid for associate degree holders pursuing a bachelor’s degree (through the Ohio College Opportunity Grant)

“[The GROW Act is] will advance the long-standing collaboration between our higher education institutions and cooperatives, internships and opportunities for our students to get a head start and a first step towards a successful and productive career, ”said Johnson .

While the legislation has just been presented to the General Assembly, it has already received bipartisan support. Cross said his bill could bring the two sides together to take concrete steps to ensure Ohio becomes a top business destination in the future.

“Part of that also puts Ohio at the forefront among all of our neighboring states, and across the country, that it’s the best place to invest, the best place to live and work, and I support it 100%. “, Cross mentioned.


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