Rep. Budish Advocates for Retaining Top Workforce Talent in Ohio Provides testimony for STEM Tax Credit Bill
4/9/2014, 8:36 a.m.
COLUMBUS— Former Speaker and Minority Leader State Rep. Armond Budish (D-Beachwood) appeared before the House Ways and Means Committee today to offer sponsor
testimony on House Bill 405. H.B. 405 would offer income tax credits for Ohio residents who graduate with advanced degrees in science, technology, engineering, and math-related fields – commonly referred to as STEM.
“Giving our citizens incentives will help ensure that Ohio has the crucial human capital necessary to compete and succeed in attracting cutting-edge companies and innovative startups to Ohio,” said Rep. Budish. “At the same time, it addresses the high cost of education which saddles today’s students with huge debts and often serves as a deterrent to obtaining a college degree.”
The STEM tax credit would be allocated over ten years, and individuals would have to work and live in Ohio for five years in order to be eligible for the credit. Individuals who earn an associate’s degree may be eligible for a $5,000 credit, those who earn a bachelor’s degree are eligible for a $20,000 credit, and finally, those who earn a masters or doctorate are eligible for a $30,000 credit.
Both Rep. Budish and his joint sponsor Jay Hottinger (R-Newark) offered sponsor testimony during the hearing. Similar legislation was introduced in the previous General Assembly by former Democratic Representative Jay Goyal.