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OH HB246
Bill
Status
8/15/2013
Primary Sponsor
John Rogers
Click for details
AI Summary
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Allows recent college graduates who earned an associate or technical degree to deduct one-fifth of qualified higher education expenses per year for five years following graduation.
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Allows recent college graduates who earned a baccalaureate, master's, professional, or other advanced degree to deduct one-tenth of qualified higher education expenses per year for ten years following graduation.
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Permits employers to deduct eligible costs of employing recent college graduates (wages, payroll taxes, health insurance, workers' compensation) from taxable gross receipts under the commercial activities tax, with deduction percentages declining from 100% in year one to 6.25% in year five.
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Defines qualified higher education expenses to include tuition, fees, books, supplies, equipment, and room and board; excludes amounts covered by grants, scholarships, or federal tax benefits.
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Requires graduates to obtain degrees from eligible educational institutions (state universities, private nonprofit colleges, or accredited career schools) and employees to be hired within two calendar years of graduation for full-time positions in Ohio.
Legislative Description
To allow recent college graduates to claim an income tax deduction for qualified higher education expenses and allow employers of recent college graduates to deduct the employer's costs of employing the graduate from the employer's gross receipts subject to the commercial activities tax.
Tax deductions-college expenses/employers of college graduates
Last Action
To Ways and Means
8/15/2013