The proposed bill establishes the New Hampshire College Graduate Retention Incentive Program, which aims to retain graduates from local higher education institutions and incentivize businesses to hire them. Key features of the program include a Student Loan Forgiveness Program that offers up to $5,000 annually (with a maximum of $20,000) for graduates employed full-time in high-need fields for at least three years, and a Graduation Incentive Rebate Program providing a $1,000 annual cash rebate for up to five years for graduates living and working in New Hampshire. Additionally, businesses hiring these graduates will receive a $500 rebate per hire and reimbursement for 50% of wages paid to interns from New Hampshire institutions.

The bill introduces new legal language by inserting sections 77 through 83 into RSA 12-O, which define terms, outline funding mechanisms, and establish the New Hampshire College Graduate Retention Incentive Program Fund, supported by annual appropriations and 15% of annual profits from the New Hampshire Lottery. It also includes a repeal of existing sections related to the program, indicating a complete overhaul of the framework, with the program set to be repealed on July 1, 2035, and remaining provisions taking effect on July 1, 2025. However, the reallocation of lottery profits raises potential legal conflicts under Article 6-b of the New Hampshire Constitution, which mandates that such revenues be used exclusively for state aid to education, potentially necessitating alternative funding sources. The overall fiscal impact remains indeterminable, with anticipated changes in tax collections complicating the financial assessment.

Statutes affected:
Introduced: 6:12