OH HB144

Grants a five-year income tax credit to individuals who obtain a baccalaureate degree from an eligible Ohio or out-of-state institution of higher education, eliminating their state income tax liability for that period.

Credit equals the individual's net tax liability after application of all other credits listed in section 5747.98, and individuals must apply to the Ohio Board of Regents within one year of graduation to receive a tax credit certificate.

Individuals become liable to repay credit taken if they become Ohio nonresidents while still owing unused credit, or if they are not full-time students at an institution of higher education after having claimed the credit for five or fewer taxable years.

Allows deferral of credit claiming for individuals enrolled full-time in pursuit of a more advanced degree, with deferral continuing until they are no longer full-time students.

Establishes the credit in the tax code hierarchy as item 28 in section 5747.98, placing it after most other credits but before export sales and research and development credits.