Bill > HB2019

This bill extends Oklahoma's aerospace industry tax credit program from January 1, 2026, to January 1, 2032, maintaining existing provisions that provide financial incentives for employers and employees in the aerospace sector. Specifically, the bill allows qualified employers to receive tax credits for tuition reimbursement and employee compensation, with different credit percentages based on whether employees graduate from in-state or out-of-state institutions. For tuition reimbursement, employers can claim 50% of tuition costs for the first four years of an employee's employment, not exceeding 50% of the average annual tuition at an Oklahoma public institution. For employee compensation, employers can claim 10% of compensation for employees graduating from in-state institutions or 5% for those from out-of-state institutions, with an annual cap of $12,500 per employee and a five-year limit. Additionally, individual qualified employees can claim up to $5,000 in tax credits per year for up to five years, with the ability to carry over unused credits to subsequent tax years. The bill will become effective on November 1, 2025, ensuring continued support for Oklahoma's aerospace industry workforce development and retention.

Budget and Finance, Transportation and Infrastructure

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2019&Session=2600