The proposed bill introduces the New Hampshire College Graduate Retention Incentive Program, designed to retain graduates from local higher education institutions and incentivize businesses to hire them. Key features include a Student Loan Forgiveness Program offering 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 can receive a $500 rebate per hire and reimbursement for 50% of wages paid to interns from New Hampshire institutions. The bill also establishes the New Hampshire College Graduate Retention Incentive Program Fund, which will be continually appropriated and funded through annual appropriations, 15% of annual profits from the New Hampshire Lottery, and potential public-private partnerships.

Furthermore, the bill creates the Business Hiring Incentive Program (BHIP), offering a $500 Business Enterprise Tax (BET) rebate for each eligible New Hampshire graduate hired, available for up to two years per hire. The Department of Business and Economic Affairs (DBEA) will administer the program, although the bill lacks clarity on the administration process and the nature of the rebates. The bill also repeals existing sections of RSA 12-O related to the program and amends RSA 6:12 to include the new fund. However, the redirection of 15% of annual lottery profits to the new fund may conflict with Article 6-b of the New Hampshire Constitution, which restricts lottery revenues to state aid for education. The estimated fiscal impact includes an expenditure of approximately $4,500,000 per year, with potential decreases in General Fund and Education Trust Fund revenues due to the new BET credit, complicating the overall fiscal assessment.

Statutes affected:
Introduced: 6:12