HB 1201 Summary

• Provides an annual income tax credit for Indiana residents who graduate from Indiana colleges or universities with a baccalaureate or advanced degree in science, technology, engineering, or mathematics (STEM) and rank among the top 1,000 STEM graduates in their graduation year.

• Tax credit equals the individual's full Indiana adjusted gross income tax liability for each of the first five taxable years beginning after December 31 of their graduation year.

• Applies to graduates from 2014 onward from state educational institutions or nonprofit colleges and universities located in Indiana.

• Requires applicants to obtain a certificate of eligibility from the Commission for Higher Education before claiming the credit, with a maximum of 1,000 certificates issued per calendar year.

• Effective July 1, 2014; Commission for Higher Education must adopt rules establishing criteria for determining top 1,000 graduates and implementation procedures.