1 New Subdivision; New Hampshire College Graduate Retention Incentive Program. Amend RSA 12-O by inserting after section 76 the following new subdivision:

New Hampshire College Graduate Retention Incentive Program

12-O:77 Definitions. In this subdivision:

I. "Graduate" means an individual who has earned a degree or certificate from a New Hampshire college, university, or technical school.

II. "Eligible high-need fields" means occupations in healthcare, childcare, elder care, renewable energy, technical trades, science, technology, engineering, and mathematics (STEM) fields, and education, as determined by the New Hampshire department of business and economic affairs (DBEA).

III. "Participating Business" means a New Hampshire-based business employing New Hampshire graduates in full-time positions.

IV. "Internship" means a structured work experience provided by a business to a student currently enrolled in a New Hampshire higher education institution.

12-O:78 Student Loan Forgiveness Program.

I. The state shall provide up to $5,000 annually in student loan forgiveness to eligible graduates who:

(a) Are employed full-time in New Hampshire in an eligible high-need field.

(b) Commit to a minimum of 3 consecutive years of employment within the state.

II. The total forgiveness amount shall not exceed $20,000 per individual.

III. The DBEA shall establish application procedures and verify eligibility.

IV. Funds will be disbursed directly to the loan servicer.

12-O:79 Graduation Incentive Rebate Program. Graduates who live and work in New Hampshire shall be eligible for a $1,000 annual cash rebate for up to 5 years.

I. To be eligible for the graduation incentive rebate program the graduate shall:

(a) Be employed full-time in New Hampshire; and

(b) Maintain residency within the state.

II. The DBEA shall process applications and disburse payments.

III. Verification of employment and residency shall occur annually.

12-O:80 Business Hiring Incentives.

I. Participating businesses shall receive a $500 rebate per hired New Hampshire graduate, applied to the business enterprise tax (BET). Rebates are available for up to 2 years per hire.

II. The state shall reimburse participating businesses 50 percent of wages paid to interns from New Hampshire institutions, up to $5,000 per intern annually.

III. Priority shall be given to small- and medium-sized businesses.

12-O:81 New Hampshire College Graduate Retention Incentive Program Fund.

I. There is hereby established a fund to be known as the New Hampshire college graduate retention incentive program fund. Any appropriations received shall be deposited in the fund. Moneys in the fund and any interest earned on the fund shall be used for the purpose of encouraging retention of college graduates in New Hampshire and shall not be used for any other purpose. The commissioner of the department of business and economic affairs (DBEA) shall oversee expenditures from the fund. The moneys in the fund shall be continually appropriated and nonlapsing.

II. In addition to any moneys appropriated, the New Hampshire college graduate retention incentive program fund may consist of an annual appropriation, as determined by the general court, to be awarded in accordance with rules adopted by the commissioner of the DBEA.

III. Fifteen percent of annual profits from the New Hampshire lottery shall be allocated to the New Hampshire college graduate retention incentive program fund.

IV. The DBEA shall pursue federal funding opportunities, including grants under the Workforce Innovation and Opportunity Act (WIOA).

V. Public-private partnerships and reallocation of unused workforce development funds shall supplement program costs.

12-O:82 Reporting. The DBEA shall publish an annual report detailing program participation, costs, and outcomes. A comprehensive review of program efficacy shall be conducted every 5 years by the DBEA.

12-O:83 Rulemaking. The DBEA, in consultation with the New Hampshire lottery commission and the department of revenue administration, shall have the authority to adopt rules, pursuant to RSA 541-A, necessary for implementation of this subdivision.

2 New Subparagraph; Application of Receipts. Amend RSA 6:12, I(b) by inserting after subparagraph (399) the following new subparagraph:

(400) Monies deposited in the college graduate retention incentive program fund established under RSA 12-O:81.

3 Repeal. The following are repealed:

I. RSA 12-O:77 through 83, relative to the New Hampshire college graduate retention incentive program.

II. RSA 6:12, I(b)(400), relative to the New Hampshire college graduate retention incentive program fund.

4 Effective Date.

I. Section 3 of this act shall take effect July 1, 2035.

II. The remainder of this act shall take effect July 1, 2025.

1 New Subdivision; New Hampshire College Graduate Retention Incentive Program. Amend RSA 12-O by inserting after section 76 the following new subdivision:

New Hampshire College Graduate Retention Incentive Program

12-O:77 Definitions. In this subdivision:

I. "Graduate" means an individual who has earned a degree or certificate from a New Hampshire college, university, or technical school.

II. "Eligible high-need fields" means occupations in healthcare, childcare, elder care, renewable energy, technical trades, science, technology, engineering, and mathematics (STEM) fields, and education, as determined by the New Hampshire department of business and economic affairs (DBEA).

III. "Participating Business" means a New Hampshire-based business employing New Hampshire graduates in full-time positions.

IV. "Internship" means a structured work experience provided by a business to a student currently enrolled in a New Hampshire higher education institution.

12-O:78 Student Loan Forgiveness Program.

I. The state shall provide up to $5,000 annually in student loan forgiveness to eligible graduates who:

(a) Are employed full-time in New Hampshire in an eligible high-need field.

(b) Commit to a minimum of 3 consecutive years of employment within the state.

II. The total forgiveness amount shall not exceed $20,000 per individual.

III. The DBEA shall establish application procedures and verify eligibility.

IV. Funds will be disbursed directly to the loan servicer.

12-O:79 Graduation Incentive Rebate Program. Graduates who live and work in New Hampshire shall be eligible for a $1,000 annual cash rebate for up to 5 years.

I. To be eligible for the graduation incentive rebate program the graduate shall:

(a) Be employed full-time in New Hampshire; and

(b) Maintain residency within the state.

II. The DBEA shall process applications and disburse payments.

III. Verification of employment and residency shall occur annually.

12-O:80 Business Hiring Incentives.

I. Participating businesses shall receive a $500 rebate per hired New Hampshire graduate, applied to the business enterprise tax (BET). Rebates are available for up to 2 years per hire.

II. The state shall reimburse participating businesses 50 percent of wages paid to interns from New Hampshire institutions, up to $5,000 per intern annually.

III. Priority shall be given to small- and medium-sized businesses.

12-O:81 New Hampshire College Graduate Retention Incentive Program Fund.

I. There is hereby established a fund to be known as the New Hampshire college graduate retention incentive program fund. Any appropriations received shall be deposited in the fund. Moneys in the fund and any interest earned on the fund shall be used for the purpose of encouraging retention of college graduates in New Hampshire and shall not be used for any other purpose. The commissioner of the department of business and economic affairs (DBEA) shall oversee expenditures from the fund. The moneys in the fund shall be continually appropriated and nonlapsing.

II. In addition to any moneys appropriated, the New Hampshire college graduate retention incentive program fund may consist of an annual appropriation, as determined by the general court, to be awarded in accordance with rules adopted by the commissioner of the DBEA.

III. Fifteen percent of annual profits from the New Hampshire lottery shall be allocated to the New Hampshire college graduate retention incentive program fund.

IV. The DBEA shall pursue federal funding opportunities, including grants under the Workforce Innovation and Opportunity Act (WIOA).

V. Public-private partnerships and reallocation of unused workforce development funds shall supplement program costs.

12-O:82 Reporting. The DBEA shall publish an annual report detailing program participation, costs, and outcomes. A comprehensive review of program efficacy shall be conducted every 5 years by the DBEA.

12-O:83 Rulemaking. The DBEA, in consultation with the New Hampshire lottery commission and the department of revenue administration, shall have the authority to adopt rules, pursuant to RSA 541-A, necessary for implementation of this subdivision.

2 New Subparagraph; Application of Receipts. Amend RSA 6:12, I(b) by inserting after subparagraph (399) the following new subparagraph:

(400) Monies deposited in the college graduate retention incentive program fund established under RSA 12-O:81.

3 Repeal. The following are repealed:

I. RSA 12-O:77 through 83, relative to the New Hampshire college graduate retention incentive program.

II. RSA 6:12, I(b)(400), relative to the New Hampshire college graduate retention incentive program fund.

4 Effective Date.

I. Section 3 of this act shall take effect July 1, 2035.

II. The remainder of this act shall take effect July 1, 2025.