HB 1547 Summary

• Provides a nonrefundable tax credit of up to $1,000 per year for Indiana college graduates who reside and work in Indiana
• Eligible graduates must have earned a bachelor's, master's, or doctorate degree from an accredited Indiana institution of higher education after December 31, 2013
• Credit amount is prorated based on the number of months during the tax year the taxpayer resides and is employed in Indiana (calculated as months/12 × $1,000)
• Taxpayer eligibility begins in the first tax year they graduate and work in Indiana (or within 3 months of graduation), or within 5 years of graduation if they don't initially qualify
• Credit terminates after 10 consecutive years of eligibility or when the taxpayer ceases to reside in or be employed in Indiana, whichever occurs first
• Unused credit cannot be carried forward or back, and no refund is provided for unused portions