College grads could get tax credit for loans if they stay in Michigan
LANSING, Mich. (AP) - New legislation would give college graduates an income tax credit for their student loans if they stay in Michigan after graduation.
The credit would be equal to half the amount paid on qualified student loans in a tax year but couldn't exceed 20 percent of the average annual tuition at Michigan's public universities. To be eligible, students would have to be a state resident, a graduate of a Michigan university and have earned a bachelor's degree.
Democratic Senator Glenn Anderson of Westland says his bill introduced last week gives graduates an incentive to stay in Michigan and helps address the "brain drain" of grads leaving the state. His legislation is backed by Democrats along with a couple Republicans in the GOP-led Senate.