Senate Bill No. 287 amends existing Oklahoma income tax laws to enhance tax credits for qualified employers and employees in the aerospace sector. Key modifications include the expansion of the definition of "qualified employer" to encompass institutions of higher education that have dedicated aerospace research and technology institutes. The bill also revises the tax years for which credits can be claimed, extending the eligibility period from taxable years ending before January 1, 2026, to tax years 2009 through 2031.

Additionally, the bill clarifies the definition of "qualified employee," specifying that this designation applies to individuals actively working within the research and education institutes of higher education focused on aerospace. The legislation maintains the structure of tax credits for tuition reimbursement and compensation paid to qualified employees, while ensuring that these credits cannot reduce the employer's tax liability below zero. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2357.304
House Committee Substitute for Senate Bill: 68-2357.301, 68-2357.304
Floor (House): 68-2357.301, 68-2357.304
Floor (Senate): 68-2357.304
Engrossed: 68-2357.304
Amended And Engrossed: 68-2357.301, 68-2357.304
Enrolled (final version): 68-2357.304
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 68-2357.301, 68-2357.304