Exempts first $250,000 of income for four-year college graduates and $150,000 for two-year college graduates from state income tax.

The bill, known as the "graduate outreach assistance law," amends the tax law to exempt certain income from state income taxation. Specifically, it exempts the first $250,000 of income, with a $50,000 cap per year, earned by graduates from four-year colleges or universities. Similarly, it exempts the first $150,000 of income, with a $25,000 cap per year, earned by graduates from two-year colleges or universities. This exemption applies to taxable years beginning the first of January following the effective date of this act.

Exempts first $250,000 of income for four-year college graduates and $150,000 for two-year college graduates from state income tax.

The bill, known as the "graduate outreach assistance law," amends the tax law to exempt certain income from state income taxation. Specifically, it exempts the first $250,000 of income, with a $50,000 cap per year, earned by graduates from four-year colleges or universities. Similarly, it exempts the first $150,000 of income, with a $25,000 cap per year, earned by graduates from two-year colleges or universities. This exemption applies to taxable years beginning the first of January following the effective date of this act.