The proposed bill aims to establish the "Stay in State Tax Credit" in West Virginia, which provides a personal income tax credit for residents who remain in the state after graduating from an accredited community college, college, or university. This credit is designed to promote the retention of recent graduates by allowing them and their employers to claim a tax credit for student loan repayments. The bill outlines specific conditions and qualifications for eligibility, including the requirement that the loans must be part of the graduate's financial aid package and that payments must be made during the time the individual works in West Virginia. The credit can be carried over for up to ten years if not fully utilized in a given tax year.

Additionally, the bill mandates that the State Board of Education and the governing boards of higher education institutions in West Virginia actively promote awareness of the "Stay in State Tax Credit" among students, parents, and school staff. They are required to provide information about the credit in financial aid materials and retain documentation related to eligible loans for at least ten years after a student graduates. This initiative aims to encourage more graduates to stay in West Virginia, thereby contributing to the state's economy and workforce.

Statutes affected:
Introduced Version: 11-21-27, 18-2-47, 18B-2A-9