OH HB405

Establishes a nonrefundable income tax credit for individuals who graduate from approved institutions of higher education with degrees in science, technology, engineering, or mathematics fields associated with job creation and retention in Ohio.

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 of the total annually over ten taxable years.

Individuals become liable to repay all credits received if they become Ohio nonresidents within five years of receiving the credit, unless they remain full-time students in approved STEM fields or serve in active military duty.

Allows individuals with associate's or baccalaureate degrees to pursue additional advanced degrees and receive supplemental credits equal to the difference between the new degree's value and previously claimed credits.

Permits credit deferral for individuals enrolled full-time in higher education pursuing more advanced degrees or serving in active military duty.