Bill > HB3284

This bill establishes the "Stay in State Tax Credit" to incentivize recent college graduates to remain in West Virginia after completing their associate or bachelor's degree from an in-state institution. The tax credit allows qualified individuals to receive a credit against personal income tax for student loan payments, which can be carried forward for up to 10 years. To be eligible, individuals must be West Virginia residents, have graduated from a West Virginia community college, college, or university on or after January 1, 2021, and work at least part-time in the state during the tax year. The credit amount is calculated based on monthly loan payments, with a benchmark determined by the principal cap (average in-state tuition and mandatory fees multiplied by the number of years of the degree program). Employers can also claim the credit for qualified employees who make loan payments. The bill requires high schools, colleges, and universities to inform students about the tax credit and provide documentation of eligible student loans. The credit is fully refundable for students with degrees in science, technology, engineering, or mathematics (STEM) fields, and offers partial credits for students who transferred from out-of-state institutions with limited credit hours. The primary goal is to retain young talent in West Virginia by providing a financial incentive for graduates to live and work in the state.