Bill > HB2366

This bill creates a new income tax credit program for employees in the biomanufacturing sector in Oklahoma, designed to incentivize workforce development and attract talent to this industry. The bill defines key terms such as "biomanufacturing sector" (which includes organizations involved in manufacturing biopharmaceuticals, medical devices, biotechnology, and related research and education) and "qualified employee" (typically someone hired after January 1, 2026, who has either a degree from an ABET-accredited program or a professional engineering license). Qualified employees can receive a tax credit of up to $5,000 per year for a maximum of five years, which can be claimed in nonconsecutive tax years. The credit cannot reduce an individual's tax liability below zero, and any unused credit can be carried forward to subsequent tax years. To be eligible, employees must be working in Oklahoma for a qualified employer in the biomanufacturing sector and meet specific educational or licensing requirements. The bill is set to become effective on November 1, 2025, and aims to support growth and development in Oklahoma's biomanufacturing industry by providing a financial incentive for hiring and retaining skilled workers.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2366&Session=2600