Post by Logan on Apr 16, 2016 6:25:03 GMT -6
Raimondo looks to expand student-loan tax credits as economic tool
PROVIDENCE — Soon, Rhode Island officials hope to use student-loan debt weighing down talented young workers to the state's economic advantage.
They are proposing to expand a tax-credit program, passed by lawmakers last year but not yet functioning, that can offset up to four years of loan payments for graduates employed or with a job offer from a Rhode Island company.
Called the "Wavemaker Fellowship," the tax-credit program is believed to be the only one of its kind in the country and Governor Raimondo has proposed dedicating $5 million to it for next year, on top of the $1.8 million in this year's budget, and opening it up to a larger field of potential beneficiaries.
"This will make a bigger impact per dollar than brick and mortar programs," Commerce Secretary Stefan Pryor told the Senate Finance Committee Thursday about the student-loan tax credits. "Because employers say: 'How can I get the talent to compete?' "
Read more: www.providencejournal.com/news/20160415/raimondo-looks-to-expand-student-loan-tax-credits-as-economic-tool
PROVIDENCE — Soon, Rhode Island officials hope to use student-loan debt weighing down talented young workers to the state's economic advantage.
They are proposing to expand a tax-credit program, passed by lawmakers last year but not yet functioning, that can offset up to four years of loan payments for graduates employed or with a job offer from a Rhode Island company.
Called the "Wavemaker Fellowship," the tax-credit program is believed to be the only one of its kind in the country and Governor Raimondo has proposed dedicating $5 million to it for next year, on top of the $1.8 million in this year's budget, and opening it up to a larger field of potential beneficiaries.
"This will make a bigger impact per dollar than brick and mortar programs," Commerce Secretary Stefan Pryor told the Senate Finance Committee Thursday about the student-loan tax credits. "Because employers say: 'How can I get the talent to compete?' "
Read more: www.providencejournal.com/news/20160415/raimondo-looks-to-expand-student-loan-tax-credits-as-economic-tool