College grads would get tax credit for staying in Michigan

Michigan Public Radio Network

College graduates who choose to stay in Michigan would get a tax break under a bill in the state Senate. The plan would affect students who earn a four-year degree from a Michigan college or university. They could get up to half of what they pay in student loans back when they file their yearly income taxes.

Democratic state Senator Glenn Anderson is the bill’s sponsor. He said about half of all college students decide to leave Michigan after graduation.

“It has a huge economic impact to the state of Michigan. And I think this is a small price to pay to encourage them to stay here in Michigan for the long-term gain the state would have,” Anderson said.

The nonpartisan Senate Fiscal Agency estimates the measure would cost the state about 150 million dollars a year in lost tax revenue.

Copyright 2013, MPRN