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| | Student debt plan could benefit employers |
| created @ 03/13/2007 09:05 am |
| mum expired. [EVERYONE] |
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A trio of House members has introduced legislation they say will help Iowa college graduates deal with their school-related debt, help employers fill positions and help the state reverse the outmigration of college- educated young adults.
The plan comes from University of Iowa professor of management Jay Christensen-Szalanski, an unsuccessful candidate for the Iowa Legislature last fall. His plan impressed a number of lawmakers, including his opponent, who are introducing it as House File 730.
While the most obvious advantage of the Iowa Advantage Plan proposed by Republican Reps. Jeff Kaufmann of Wilton and Tami Wiencek of Waterloo and Democrat Rep. Dawn Pettengill of Mount Auburn is for recent college graduates who could see up to $25,000 in education- related debt paid for by an employer, the lawmakers say employers and the state also stand to gain from the plan.
Under the plan, employers would be given the option of providing a benefit by paying part of the student debt for recent college graduates they hire. The graduates would pay the income tax on the amount their employer paid toward reducing the debt about 32 cents on a dollar, Christensen-Szalanski said.
Employers who pay a salary of at least $25,000 a year and pay off as much as $25,000 in student debt over three years could earn a tax credit of up to 30 percent $7,500. That would allow them to be more competitive in recruiting because they could offer a benefit not available in urban centers where salaries might be higher, the lawmakers said.
Would this be an economic spark in more places than just Iowa? |
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