HB 227 Summary

• Grants a nonrefundable state income tax credit to individuals who graduate with degrees in approved science, technology, engineering, or mathematics (STEM) fields from qualifying 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 10 consecutive taxable years.

• Allows individuals with prior degrees to claim additional credits for more advanced degrees, with the credit reduced by amounts previously claimed for lower-level degrees.

• Permits individuals to defer credits for years they are enrolled full-time in institutions pursuing more advanced STEM degrees.

• Authorizes municipal corporations to grant local income tax credits to individuals who qualify for the state credit, with municipalities able to set their own credit amounts and conditions.

• Requires the Ohio Board of Regents to identify approved STEM fields of study, prioritizing information technology, power and propulsion, advanced materials, instruments and controls, electronics, and biotechnology.

• Establishes that the credit must be claimed in a specific order of tax credits and qualifies as a nonrefundable personal credit not subject to business credit limitations.