House bill would exempt recent graduates from state income taxes if they stay in state

Forty percent of graduates from Mississippi's public universities have left the state five years after graduation, according to a recent report commissioned by the state College Board.

On Wednesday, the House passed a bill 118-0 seeking to slow that brain drain from the state. The bill would exempt recent college graduates from state income taxes if they stay in the state for three years after graduation from a four-year college or university. They could get an additional two-year exemption if they buy a house or establish a business with at least one additional employee. It also provides the exemption for a licensed teacher.

"House Bill 1550 is designed for us to have a discussion on the issue," said Rep. Trey Lamar, R-Senatobia, who authored the bill. "I have seen a lot of this (brain drain) with the people I went to school with...We want to keep our best and brightest from leaving the state."

State Higher Education Commissioner Glenn Boyce said reversing the trend of college graduates leaving the state is critical to the state’s economic vitality. He cited a report by researchers at Georgetown University, projecting that by 2020, 65 percent of all jobs in the economy will require post-secondary education and training beyond high school.

Read more: https://www.clarionledger.com/story/news/politics/2018/02/14/house-bill-would-exempt-recent-graduates-state-income-taxes-if-they-stay-state/337097002/