GOOD CREDIT
With record amounts of loan debt, a marginally improving record unemployment rate and a long road ahead, House Bill 4182 might be just the right incentive to keep grads close to home
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Michigan college students might finally be able to rack up some credits that won’t also rack up expenses with the introduction of a new bill by the Michigan House of Representatives on Feb. 5. to encourage college-educated young adults to stay and work in the state after graduation.
House Bill 4182, which would offer taxpayers with a bachelor’s degree from an approved educational institution a tax credit of up to 50 percent of the amount paid on student loans on a tax year, is good news for Michigan, a state that in 2007 suffered a net loss of 18,000 adults with a bachelor’s degree or higher in 2007 alone, as reported by an analysis of U.S. Census Bureau and Internal Revenue Service data analysis done by the Detroit News.
Though the tax credit would award no more than 20 percent of the average yearly tuition of Michigan’s public universities, at a statewide average yearly tuition, according to Grand Valley State University President Thomas J. Haas’ most recent accountability report, is $10,508.
The idea behind House Bill 4182, co-sponsor Rep. Sam Singh (D-East Lansing) told a Lanthorn reporter, is to act as an incentive for young people to stay in Michigan and help boost the economy. It also offers a tax credit to businesses that offer to help pay employee’s student loans, reducing their payout by the same percentage of the individual employed.
“In simplest terms, those with the skills to leave Michigan are doing so; high-skilled people from other states who once might have moved to Michigan are choosing to go elsewhere,” Detroit News reporters wrote.
Though opponents of the bill have voice concerns over the cost of such a sweeping program, The Bureau of Labor Statistics for the U.S. reported that in the past six months, Michigan’s unemployment rate has fluctuated around nine percent with the rate getting as high as 9.4 percent (August) and as low as 8.9 percent (November and December). Coupled with debt that’s around 75,257,550,500 currently has and you have a state full of students facing prospects that only sweeping incentives can afford to fight.
The bill still has yet to be reviewed by the House Committee on Tax Policy, which supporters are optimistic will happen soon. From there, it has to make it before the House, which will vote on the legislation.
So from us Michigan college students to you, House Bill 4182 – may the odds be ever in your favor.
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Pictures of the Year 2012-2013
Courtesy Photo/Joe Kargula and Erik Peterson run the Marathon leg of the Ironman Triathlon
GVL / Robert Mathews Quarterback Heath Parling (12) leading the offense past Notre Dame College.
GVL / Eric Coulter Senior Jake Isaacson placed eigth in the Spartan Invitational. Isaacson's time of 25:04 was the highest among Division II athletes.
GVL/Jessica Hollenbeck Student Senate President Jack Iott speaks to the assembly during Thursday's meeting.
Courtesy / gvsu.edu President Haas and Montcalm Community College President Robert C. Ferrentino sign the transfer agreement
Courtesy Photo/ GVSU Athletic Department Sophomore Chris Cunningham lines up a putt at a past match.
Courtesy Photo / GVSULakers.com Andrew Darrell prepares to return the serve earlier this season.
GVL / Jessica Hollenbeck President Haas cooks pancakes during Family Weekend's "Pancakes with Presidents".
GVL / Jessica Hollenbeck President Haas cooks pancakes during Family Weekend's "Pancakes with Presidents".
GVL / Archive Forward Briauna Taylor (31) chases down a lose ball in a game last season
Courtesy Photo / Dean Breest Sophomore Allyson Winchester was named the GLIAC Women's Cross Country Athlete of the Year after finishing first with a time of 20:48.8.
GVL / Archive GVSU's Breland Hogan rises and fires over three defenders last season.
GVL/Bo Anderson Briauna Taylor leads the fast break during a game earlier this season.
GVL / Robert Mathews Associate Vice President for Facilities Planning, James Moyer, leading a walk through of the Mary Ideam Pew Library
Courtesy Photo / GVSU DII Men's Hockey Jeremy Christopher chases down a puck during a matchup last season.
GVL / Bo Anderson Students and faculty danced under the spectacular light show in the Devos Place Ballroom
GVL / Robert Mathews Martin L�wenberg, holocaust survivor, speaking at the Genocide Awareness Night presentation in the Grand River Room.
Courtesy / Dean Breest Senior Sam Lockhart finishes her indoor career with two individual national championships in weight throw and shot put at the 2013 National Championships.
Archive / Robert Mathews Giancarlo Brugnoni (40) rounding the bases during a previous game.
GVL/Bo Anderson Seniors Christ Koppenaal, Bill Madsen, and Mitch Weber measure the exterior of the Wesley House as part of an energy audit.
GVL / Robert Mathews Senior Anthony Campanella pitching against Tiffin University during the Lakers double header.
GVL / Eric Coulter Brother Jed Smock, a member of Campus Ministry USA, speaks with fervor to a student. Many students, all with differing views, came to watch the Campus Ministry members speak.
GVL / Sean Mouton A passing walker stops to admire some recently constructed pieces of Art Prize 2012.
GVL Archive Senior Nick Gunthorpe follows through and watches his shot at the Ardenson last year. This weekend the team will be playing in South Haven.
GVL / Bo Anderson GVSU's Katie Martin points to her teammate after safely reaching second base.
GVL / Robert Mathews Mary Idema Pew Library Learning and Information Commons under construction.
GVL / Archive The Grand Valley Rowing Team during Spring Training in Florida last spring.
GVL / Robert Mathews Judge Glenda Hatchett, keynote guest for Monday's King celebration, speaks in the Grand River Room in Kirkhof.
GVL / Robert Mathews Judge Glenda Hatchett, keynote guest for Monday's King celebration, speaks in the Grand River Room in Kirkhof.
Upcoming Events
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All day | The 5th Annual Scholarship of Teaching & Learning Academy
All day | GVSU Men's Golf at NCAA Div II Championship
6:00 pm | Academic and Student Affairs Faculty and Staff Retirement Celebration
All day | GVSU Men's Golf at NCAA Div II Championship
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