House Bill seeks to retain college graduates in State

Published 7:00 am Saturday, February 17, 2018

On Wednesday, the Mississippi House of Representatives approved a bill that would entice college graduates to stay within Mississippi.

House Bill 1550 would allow recent college graduates from a four-year university to receive a deduction on their state income taxes within a year of graduation.

The deduction can be utilized for three consecutive years if the recent graduate remains a resident or continues to work in Mississippi. It also states that the recent graduate may utilize the deduction for an additional two years if they choose to purchase property in the state for residential or commercial use.

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The House passed the bill with a vote of 118-0.

John Glen Corley, State Representative for District 106, said the bill is meaningful to him.

“This is a positive way to get people thinking and motivated and a great way to start a conversation with a number of people,” Corley said.

Corley said the Department of Revenue agreed that the change, if approved, would not impact the budget in a significant way.

“This will work well for our state to advertise for engineers who’ve just graduated to set up their business locally. There are lots of people with great ideas who just need some assistance to start their careers,” he said. “This should also help keep teachers in the state.”

He said the bill would be a good way for students to pay off loans.

Corley hopes the bill passes the Senate committee and help retain students attending local universities and become a tool to recruit people from out of state to live and work in Mississippi.

The Bill has now gone to the Senate for consideration and if signed into law by the governor, it will go into effect July 1.