Guest Column: Tax Credit for STEM Degrees
Another school year has concluded, which means another class of graduates is heading out to the military, the workforce or to college/career technical centers.Our future…
By John Patterson
Another school year has concluded, which means another class of graduates is heading out to the military, the workforce or to college/career technical centers.
Our future hopes ride on the shoulders of these young people. We want them to succeed and I hope to see them stay in the 99th District.
We all know that after high school graduation come big changes, and some may find it hard to obtain a career near where they call home. But what if finding appropriate work could be easily attainable?
According to Edward Gordon in his book “Future Jobs,” there are four areas that are currently in the “talent spotlight”: healthcare, information technology (IT), aerospace and advanced manufacturing.
All told, these abundant, well-paying jobs could be available in Northeast Ohio.
So how do we make these possibilities a reality?
To this end, I will soon introduce legislation that will offer a tax credit to those who earn a degree in STEM fields and return to, or remain in, the state of Ohio. For an associate’s degree in a STEM field, a $5,000 Ohio tax credit spread over 10 years would be realized. For a bachelor’s, a $20,000 tax credit would be offered over the same period. For a master’s or Ph.D., a $30,000 credit would be waiting.
However, those who qualify must commit to living in our state for at least five years. If they choose to leave, then they must pay back the credit to the taxpayers.
I believe that by incentivizing our STEM graduates to complete their degrees, stay in Ohio and live here for at least five years, we will help to fill dire shortages in the four fields outlined above.
In addition, those same grads will command a higher salary, which, in turn, will stimulate our local economies.
Finally, we will mitigate the “brain drain” which has plagued our state for years as our graduates, once bound for other states, settle in to rebuild our communities from within.
Make no mistake, this proposal has a long way to go and I am sure that there are many who might disagree. However, I am attempting to draw back our most precious resource — our own children — to our great district.
And what would that be worth to us all? Quoting a commercial, it would be, in a word: “priceless.”
As always, I remain committed to you. For after all, it is our district and our future.
John Patterson, D-Jefferson, is state representative for the 99th House District includes portions of Ashtabula and Geauga counties. In Geauga, the district covers Chardon City, Aquilla Village and the townships of Claridon, Hambden, Huntsburg, Montville and Thompson.
