HB1301

Income tax deduction for recent graduates.

Latest bill text (Comm Sub) [PDF]

Summary

Income tax deduction for recent graduates. Provides an adjusted gross income tax deduction for Indiana residents who obtain: (1) a bachelor's or an associate degree from a postsecondary educational institution; or (2) a certificate from a high value workforce certificate program, as determined by the commission for higher education (commission); in taxable years immediately following the taxable year in which the individual obtained the degree or certificate. Provides that a qualified individual is entitled to the tax deduction in each of the first two or four taxable years, depending on the type of degree or certificate obtained, that begin immediately following the taxable year in which the qualified individual completed the applicable educational program. Provides that the tax deduction for a particular qualified year is equal to the lesser of: (1) the amount of the qualified individual's Indiana adjusted gross income; or (2) $50,000. Requires the commission to, in part, determine and certify an individual's eligibility for the tax deduction.

Authors

Authored by Representative O'Brien

Fiscal Outlook

Title Description Date View
Fiscal NoteFiscal Note #1: Introduced2024-01-10 Click To View

History

Date Chamber Action
2024-01-10HouseFirst reading: referred to Committee on Ways and Means
2024-01-10HouseAuthored by Representative O'Brien