Bill > HB4585

This bill establishes the "Stay in State" tax credit to encourage graduates of West Virginia's community colleges, colleges, and universities to remain in the state after earning their undergraduate or associate degrees. The credit, which can be applied against personal property tax, covers the total cost of tuition and interest on student loans used for their degrees, awarded over a ten-year period. Employers can also claim this credit for qualifying employees, and in-state high schools and higher education institutions are mandated to inform and assist students in obtaining this tax credit. The bill defines key terms like "qualified person" and "qualified student loan" and outlines how the credit is calculated, including provisions for transfer students and certain STEM degrees which may offer a refundable credit.