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Congressman Hanna announces bill to offer tax credits for those studying "STEM" subjects
MARCY, N.Y. (WKTV) - Congressman Richard Hanna was at SUNYIT in Marcy on Thursday announcing a new bill that he says would offer tax credits to students studying "STEM," Science, Technology, Engineering and Math.
The federal tax deduction would be equal to a student's higher education expenses including tuition, room and board and the bill is set to encourage education in fields where unemployment is low and salaries are high.
"If we can produce people through this that are educated and making a living in STEM fields, their income is typically double what other people outside of STEM is, so that pays for itself," Congressman Hanna said. "These people become tax payers and they become taxpayers their entire life."
The tax credits could be claimed by the student, parent or whoever is paying for the education the same year of the expense or carried forward to once the student is employed.