Indiana 2024 Regular Session

Indiana House Bill HB1301

Introduced
1/10/24  

Caption

Income tax deduction for recent graduates.

Impact

The implementation of HB1301 is expected to have a positive effect on the state's economy by encouraging graduates to either stay in Indiana or return after obtaining their degrees or certificates. The tax deduction could help mitigate the financial burdens students face after obtaining their education, potentially leading to increased spending and investment in local economies. By providing this deduction, the state reinforces its commitment to improving education and enhancing workforce readiness, essential for future economic growth.

Summary

House Bill 1301 aims to provide a significant financial incentive for recent graduates in Indiana by offering a state income tax deduction for individuals who have recently obtained a postsecondary degree or a certificate from an approved workforce program. Specifically, the bill outlines that eligible individuals can receive this deduction in the tax years immediately following their graduation or program completion. The intent behind the bill is to promote higher education and workforce development by making it financially easier for individuals to transition into the job market after completing their education.

Contention

Despite the positive intentions behind HB1301, there may be concerns regarding the financial implications for state tax revenues and whether the proposed deductions could lead to significant budgetary constraints. Additionally, some legislators may debate the criteria for what constitutes a 'high value workforce certificate program', which could lead to disparities in who qualifies for the deduction, thereby restricting its benefits. Opponents of such tax incentives often raise questions about equity and whether they disproportionately favor certain demographic groups over others.

Companion Bills

No companion bills found.

Previously Filed As

IN HB1533

Individual tax deductions and credits.

IN HB1598

Income tax credit for nursing preceptors.

IN HB1507

Tax deductions and credits related to military service.

IN HB1002

Education and workforce development.

IN SB0223

Deduction for long term care premiums.

IN SB0232

Deduction for unreimbursed education expenditures.

IN SB0257

Income tax credit for K-12 education contributions.

IN HB1159

Civil service annuity income deduction.

IN HB1347

Income tax credit for firearms safety expenses.

IN HB1645

Utility receipt tax on water.

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