A pair of Ohio lawmakers have proposed giving state income-tax credits to college graduates who agree to stay in the state at least five years after graduation.

Graduates would receive a tax credit of up to $3,000 a year for up to 10 years under the plan, which was announced at a press conference last week by the state’s two youngest legislators, Rep. Josh Mandel, a 30-year-old Republican, and Rep. Jay Goyal, a 27-year-old Democrat.

If graduates do not earn enough to take advantage of the credits within 10 years, the period could be extended. If graduates left the state within five years, they might have to pay the money back, according to the lawmakers.

“We think this is a bold initiative to change and reverse the exodus of young people from the state,” Mandel said at the press conference.

The two legislators said they had not determined how much the program would cost the state. They estimated that each additional graduate who stays in Ohio would generate $500,000 in state and local tax revenue over 25 years.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.