Michigan lawmakers look to give college grads a tax break
Mon, 10 Jun 2013 23:15:03 GMT —
Michigan lawmakers are looking to give recent college graduates a tax break on their student loans. The lawmakers sponsoring the legislation say they want to keep recent college graduates in Michigan.
Nick Lucius and Phil Sharpe are facing a lot of student loan debt.
â??Around $100,000,â?? says Nick Lucius when asked how much student loan debt heâ??s facing.
â??$75,000 if Iâ??m lucky,â?? says Nickâ??s friend, Phil Sharpe.
The future physical therapists say every little bit of help matters.
â??If the state wants to help me out while I help other people out, we can help each other out and it'd be a good situation,â?? says Lucius.
Nick says he'd stick around Michigan if a new tax credit bill passes.
â??I could work in Flint, Grand Rapids---you pick a place in Michigan, Iâ??d be more than willing,â?? says Lucius.
The bill, introduced by State Senator Glenn Anderson (D-Wayne County) offers up to $2,100 in income tax credit if Michigan grads stay in The Great Lakes State to work.
While Nick and Phil are fans of the legislation, others are doubtful.
â??The biggest factor of where a college graduate lives is the jobs available,â?? says Chris Douglas, an economics professor at the University of Michigan-Flint. â??If there are no jobs available then no tax credit is really going to get a college graduate to stick around,â?? he adds,
â??I think it's enough to get people to stay but I think Michigan legislators would have to give something else,â?? says Tariya Gunter, a graduate of University of Michigan-Flint.
Lawmakers say the tax credit is a start and grads agree---staying closer to home is looking more attractive than ever.
â??If in the long run it would be more beneficial to stay here, then I would,â?? says Sharpe. â??Looking out for number one,â?? he adds.
If passed, those who qualify would get the savings in the form of tax refund check.