OH HB123

Establishes a state income tax credit for individuals graduating with degrees in approved science, technology, engineering, or mathematics (STEM) fields from eligible institutions of higher education.

Credit amounts: $5,000 for associate's degrees, $20,000 for baccalaureate degrees, and $30,000 for master's or doctoral degrees, claimed as one-tenth annually over ten taxable years.

Individuals who become nonresidents of Ohio within five or fewer years of receiving the credit must repay all amounts claimed, unless they remain full-time students in approved STEM fields.

Ohio Board of Regents determines which fields of study qualify as job creation and retention related, with priority given to information technology, power and propulsion, advanced materials, electronics, and biotechnology.

Authorizes municipal corporations to grant additional local income tax credits to individuals who qualify for the state credit, with terms set by local ordinance.