A new Indiana law undercuts efforts to retain workers, alleviate the student loan crisis, writes state Rep. Gregory Porter.
After Eli Lilly CEO David Ricks’s bleak take on the attractiveness of Indiana to businesses and workers alike, it’s clear that the GOP tactic of cutting taxes and offering tax credits for business without bold investments in education, quality of life or public health has set us on a course for ruin if we do little to correct it. If anything, Republican policy has actively undermined smart ideas to solve problems by way of the free market. on average.
What to make of this slap in the face to those with student loan debt? Like clockwork, every few months we are hit with comments from community leaders like Ricks or a new study showing that other states are out-competing Indiana in economic development or simple quality-of-life outcomes. We are at a crossroads for determining our state’s future success: either we keep doing business as usual, or we decide to invest in our residents’ education, economic welfare and health outcomes.
One such path forward is to fix this provision next session and allow this employer incentive to be what it is: a perk of employment that should fully go toward an employee’s debt repayment. Another solution is inspired by the philosophy behind the MakeMyMove program. The MakeMyMove incentive program provides incentives like cash stipends, moving assistance, free park passes, vouchers for discounted meals, etc., to a few individuals. As a result, the recipients of this program relocate to rural areas and a few smaller urban areas to help “jump start” the economy, increase the tax base and infuse talent in these locations for people that can now work remotely.
It is true that we must encourage young people to live in all parts of our state. But we also want young people to stay in our state, full stop. Indiana needs to start a “HelpMeStay” program by providing relief and programmatic support to recent graduates so they are incentivized to put down permanent roots here. A first step in that direction would be a repeal of the Indiana tax on student loan debt found in SEA 382. So let’s do just that — help our young people stay here.
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