Establishing the “Stay in State” tax credit

HB 3284 creates a tax credit against West Virginia personal income tax for residents who graduate from in-state colleges and stay in the state. It allows individuals or their employers to claim credit for student loan payments made while working in West Virginia, with special provisions for STEM degree holders (who get a refundable credit). The credit is calculated based on actual loan payments during the taxable year while employed in the state, and transfers from out-of-state schools qualify for reduced credit amounts. The bill also establishes eligibility rules, defines "qualified individual," and requires the credit to be tied to the financial aid package. It directly affects recent West Virginia college graduates and their employers who pay for qualifying student loans.